Vladimir Potanin says confiscating assets from companies which had left Russia would have dire long-term effects
London — Confiscating the assets of companies that have fled Russia after the invasion of Ukraine would shatter investor confidence for decades and take Russia back to the calamitous days of the 1917 Bolshevik revolution, metals magnate Vladimir Potanin said.
Potanin said confiscating assets from companies which had left Russia would put the country out in the cold for investors for decades. Russian Prime Minister Mikhail Mishustin told President Vladimir Putin on Thursday that the government proposed putting companies that had left Russia into external administration.
The privatisation deals under President Boris Yeltsin gave Potanin and other oligarchs control over some of the best assets of a former superpower, though their clout was eroded under Putin as a new group of former spies put some of Russia’s biggest oil production units under state control. He also called for removing foreign currency restrictions on paying coupons on Russia’s external debt which he said totalled $480bn because a technical default on interest payments could, he said, allow demands for the full principal to be paid.
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