Thu, Jul 7th, 2022 - 6:16am
May 26, 2022 - 6:51am | By Kyle Cornell
(Moscow) -- A new law in Russia would allow the country to take control of local western businesses that decide to leave because of the war in Ukraine.
The law would give Russia broad powers to intervene when there's a threat to the local economy, and to seize the property of foreign investors. It would also pave the way for Russia to appoint administrators over companies from countries deemed "unfriendly." The new law could take effect within weeks.
The Russian economy has been rocked by high inflation and a recession because of the Ukraine invasion. Chains like McDonalds and Starbucks have both announced they are pulling their business from Russia.