Russian nickel magnate Potanin: nationalization throws us back a century | Financial

On Thursday, Russia released a list of multinationals whose Russian activities it wants to nationalize. That list includes Shell and IKEA. These are companies that have announced their departure from Russia out of aversion to the invasion of Ukraine.

According to Russian businessman Vladimir Potanin, Russia risks missing out on foreign investment for decades to come.

“We should not ‘slam’ the door but try to preserve the Russian economic position that we have built,” said the 61-year-old billionaire, who is considered one of the most influential businessmen in Russia. “This throws us back a hundred years to 1917 and the consequences, a global lack of investor confidence in Russia, will be felt for many decades to come.”

Proposal ready

After the Russian Tsar’s regime had been overthrown in early 1917, the Bolsheviks seized power in the autumn. Subsequently, the communist rulers nationalized the entire Russian industry.

Russian Prime Minister Mikhail Mishustin said on Thursday that a proposal is pending to take control of local branches of companies that have turned their backs on Russia. It is not yet clear how exactly this will work.

Within Russia’s business elite, there is said to be a heated debate about how hard the country should retaliate against Western sanctions and boycotts.

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