Fortress Russia: Economic Overhaul Amidst Western Asset Seizures
In response to the Ukraine conflict, Russia has seized approximately $50 billion in assets over three years, marking a shift towards a 'fortress Russia' economic model. The expropriation includes Western and domestic companies under various legal pretexts. The move has reshaped Russia's economy amid ongoing geopolitical tensions.
In the backdrop of the Ukraine conflict, Russia has embarked on a sweeping economic transformation, seizing assets worth around $50 billion over the past three years. This move underscores the country's shift to a 'fortress Russia' economic model, research revealed on Wednesday.
President Vladimir Putin's decrees have facilitated the state seizure of Western company assets amidst allegations ranging from corruption to poor management. Notable firms affected include Germany's Uniper and Danish brewer Carlsberg. Additionally, a Moscow-based law firm, NSP, has highlighted the extent of what it terms 'nationalisation,' amounting to 3.9 billion roubles during the period.
This shift challenges the free-market hopes post-Soviet Union collapse, as Putin's strategies effectively bolster domestic producer's positions. While the Russian economy remains resilient amid Western sanctions, further asset seizures signal a fortified economic model aligning with military endeavors in Ukraine.
(With inputs from agencies.)
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