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 Businesses may be subject to bankruptcy within six months, finance ministry says

Enterprises of foreign companies that have pulled out of Russia may be subjected to bankruptcy proceedings, according to Russian Finance Minister Anton Siluanov. He said on Monday that the insolvency procedure for such businesses could take from three to six months.

At the same time, the minister said, “Russia wants foreign companies to continue to operate in the country,” noting that their departure “is not beneficial to anyone.”

Earlier, the Ministry of Economic Development expressed hopes for the return of a significant part of foreign businesses to Russia. This should happen after the reconfiguration of logistics, the ministry said.

Meanwhile, President Vladimir Putin suggested last week to introduce external management and transfer of those enterprises “to those who want to work.” Putin also told the ministers Russia should ensure that the rights of foreign investors who chose to remain in the country were “reliably protected.”

READ MORE: Russian mogul warns of return to 1917

A growing number of Western companies have suspended or ended operations in Russia after the United States and European countries imposed crippling economic sanctions against the country due to the war in Ukraine. Aside from political pressure, foreign businesses are facing supply chain issues, as Russia faces an export ban from some countries.