March 18, 2022
1 min read

Come back now or face 10 year ban: Russia on firms’ exit

The Russian Duma Deputy Yevgeny Fedorov recalled that a number of foreign companies have suspended their work in Russia, the provision of services to Russians and investments….reports Asian Lite News

Russian State Duma Deputy Yevgeny Fedorov has proposed a 10-year ban on the work of foreign companies that will not return to the country’s market until May 1.

A copy of the letter addressed to the head of the Ministry of Economic Development Maxim Reshetnikov was reported by RT.

The deputy recalled that a number of foreign companies have suspended their work in Russia, the provision of services to Russians and investments.

According to him, they plunged tens of thousands of citizens into a state of uncertainty about their future work and well-being.

“I ask you to evaluate the feasibility of determining the conditions for the return of these companies: to allow them to promptly restore their activities until May 1, 2022, or to impose a ban on commercial activities for a period of 10 years for those enterprises that do not wish to restore work in Russia before the proposed date,” stated in the appeal.

Earlier, President Vladimir Putin supported the government’s idea of introducing external management for foreign companies leaving Russia.

According to him, the authorities have enough legal market tools for this.

Experts have said the appointment of a temporary administration at foreign enterprises is a more compromise option than the direct nationalisation of business.

ALSO READ: US, allies to take on Russian elites

Previous Story

‘Let his dreams resonate in every Bangladeshi hearts’

Next Story

‘Don’t Let Guard Down’

Latest from -Top News

US condemns Jaffar Express attack, vows support

Lt Gen Sharif Chaudhry, Pakistan’s military spokesperson, confirmed the completion of the operation, stating that all 33 militants involved had been killed The United States has strongly condemned the terrorist attack on

US shutdown looms as Democrats weigh funding fight

The proposed package would keep the government running through September, but Democratic lawmakers are under intense pressure from their party’s grassroots to reject the bill, which includes deep spending cuts that many

Putin sets out conditions for peace

One of the areas of contention is Russia’s Kursk region, Putin said, where Ukraine launched a military incursion last year and captured some territory. He claimed Russia was fully back in control

Karachi Grapples with Crime Surge

2025 is turning out to be no different than 2024 for residents of Karachi in terms of rampant street crime incidents…reports Asian Lite News Pakistan’s financial capital Karachi continues to witness a

China’s Defence Budget Soars Again 

This marks the third consecutive year that China has maintained the same rate of growth in military expenditure.  China has unveiled its defence budget for 2025, confirming a 7.2% year-on-year increase as
Go toTop

Don't Miss

Biden closes US airspace to Russia

The US move followed similar ones made by the European

‘Chip exports to Russia plunged by 90% after curbs’

Raimondo, also said that controls placed on Russia’s aerospace sector