Backlash Against Seizure: Russia's Elite Challenges Asset Nationalization

Russia's central bank has taken the unprecedented step of challenging the state's asset seizure practices regarding minority shareholders, signaling elite dissatisfaction with recent nationalization trends.

In the shadow of the Ukraine conflict, assets worth tens of billions have changed hands, sparking a backlash among market-savvy technocrats worried about moves toward a Soviet-style economy.

The controversy surrounding gold miner UGC's ownership underscores broader concerns, with potential investor deterrents threatening long-term economic stability despite attempts at resolution through accelerated sales.

(With inputs from agencies.)