Putin promises "favourable conditions" for European firms after Russia seized foreign assets

Russian leader Vladimir Putin has claimed that the Russian authorities aim to create "favourable conditions" for European companies that remained in the country after the start of the war in Ukraine.

Source: The Moscow Times, an independent Amsterdam-based news outlet

Details: Putin claimed that Russia has "many friends in Europe", but many of them have been "forced" to scale down local business.

Quote: "When some companies were leaving our country under pressure from Western European governments, our friends from those countries were almost in tears... Some of them are still operating here, and we are trying to create favourable conditions for them."

Details: Putin's remarks came after he signed a decree in September placing the Russian assets of Swiss food giant Nestlé, US packaging manufacturer Aptar, German retailer Metro, French retailer Auchan, logistics company FM Logistic and Lemana PRO, formerly Leroy Merlin, under temporary management.

The Kremlin explained that the listed companies represent "unfriendly" countries that are "currently most actively involved in military actions against Russia", including "strikes on economic infrastructure facilities", The Moscow Times notes.

In mid-October, Russia seized the Russian assets of French flooring manufacturer Tarkett, one of the global leaders in the industry.

Background:

• Putin signed a decree placing the Russian assets of the German retail chain Metro under "temporary management".
• On 17 September, Putin signed a decree placing the Russian assets of Auchan, Nestlé and the chain formerly known in Russia as Leroy Merlin under temporary state administration.
• Putin's press secretary, Dmitry Peskov, later explained that the assets had been seized because their owners were based in European countries that Russia considers "unfriendly".

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