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Authorities draft law on external management of companies leaving Russian market

The initiative will affect those companies that have decided to leave the Russian market for no obvious economic reasons, "based on anti-Russian sentiments in Europe and the United States, while their activities significantly affected the stability of the economy"

MOSCOW, April 12. /TASS/. The deputies of the United Russia party have drafted a bill on external management of foreign companies that have announced their withdrawal from the Russian market. The document has been submitted to the State Duma, lower house of parliament, the party’s press service reported on Tuesday.

"United Russia has submitted a bill on external management of foreign companies that announced their withdrawal from the Russian market to the State Duma. Its main goal is to protect the interests of Russians, save jobs and support the economy," the statement says.

According to the party representatives, the United Russia initiative will affect those companies that have decided to leave the Russian market for no obvious economic reasons, "based on anti-Russian sentiments in Europe and the United States, while their activities significantly affected the stability of the economy (for example, if they were the only suppliers for crucially important industries, produced essential goods, or were city-forming)".

"The decision on such companies will be made by an interdepartmental commission under the Economic Development Ministry on the proposals of other ministries and heads of regions. The transfer of management from foreign owners to external administration will be assigned only by a court decision," the press service of United Russia added.

According to the bill, foreign owners will have the opportunity to resume work in Russia or sell their stake in these companies. That means that companies will not lose their business, and employees will receive guarantees of further employment, the press service said.

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