Putin Says Foreign Companies Could Regain Assets in Russia Under Favorable Scenario

Russian President Vladimir Putin said European companies could regain access to assets they left behind in Russia under a favorable scenario, according to the business daily Kommersant.

Many Western companies exited the Russian market or suspended operations following the start of the war in Ukraine and the imposition of sweeping Western sanctions. Some of these firms left behind assets that have since been subject to various forms of state oversight or transfer within Russia.

Putin also said that introducing external management of remaining Western-owned assets in Russia could become necessary as a contingency, specifically in the event that Russian enterprises operating abroad face nationalization by Western governments.

The comments suggest Moscow is linking the treatment of Western assets in Russia to how Russian-owned assets are treated internationally, a dynamic that has characterized much of the economic fallout from the war in Ukraine.

It is not clear from Putin's remarks what specific conditions would need to be met for Western companies to recover their assets, or what timeline might apply to any such process.

The issue of frozen and seized assets has remained a significant point of contention between Russia and Western governments throughout the conflict, with billions of dollars in corporate and state assets affected on both sides.