Russia’s richest businessman has warned the Kremlin against nationalizing assets of western companies that closed shop following the Ukrainian war.
Vladimir Potanin, president of metals giant Norilsk Nickel (NILSY) and its biggest shareholder, said that Russia risked returning to the tumultuous days of the 1917 revolution if it slammed the door on Western companies and investors. He urged the Russian government to proceed with extreme caution regarding the seizure of assets.
President Vladimir Putin has said Russia would nationalize the assets of those companies that pulled out in solidarity with western and Eurpean countries sanctioning Russia economically for the war.
“Firstly, it would take us back a hundred years, to 1917, and the consequences of such a step — global distrust of Russia on the part of investors — we would experience for many decades,” he said in a message posted on Norilsk Nickel’s Telegram account on Thursday.
“Secondly, the decision of many companies to suspend operations in Russia is, I would say, somewhat emotional in nature and may have been taken as a result of unprecedented pressure on them from public opinion abroad. So most likely they will come back. And personally, I would keep such an opportunity for them,” he added.
Potanin is Russia’s wealthiest billionaire worth about $22.5 billion, according to Bloomberg, despite losing about a quarter of his fortune this year as shares in Norilsk Nickel crashed.
According to CNN, the company’s shares lost more than 90% in London trading before they were suspended this month, despite soaring prices for its commodities.