Putin Talks of Nationalizing Western Businesses

“Besieged by an onslaught of sanctions that have largely undone 30 years of economic integration with the West in the space of two weeks, President Vladimir Putin on Thursday opened the door to nationalizing the assets of Western companies pulling out of Russia and exhorted senior officials to ‘act decisively’ to preserve jobs,” the New York Times reports.

“With Russia in danger of defaulting on its sovereign debt and facing a sharp contraction in its economy, the West is betting that the looming, generation-defining economic crisis could make Russians turn on their president. It is also possible, however, that the crisis could end up strengthening Mr. Putin, validating his narrative that the West is determined to destroy Russia.”

Financial Times: Putin seeks “legal solutions” to seize assets of companies exiting Russia.