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  2. Ukraine crisis
March 09, 2022 02:22 AM

Russia could nationalize foreign-owned factories that shut operations

Automakers including VW, Toyota, Ford and Hyundai have shut downs factories in Russia after its invasion of Ukraine.

Reuters
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    VW Kaluga Russia 2022

    VW has suspended production at its Russian plants in Kaluga, shown, and Nizhny Novgorod.

    A senior member of Russia's ruling party has proposed nationalizing foreign-owned factories that shut down operations in the country over what the Kremlin calls a special military operation in Ukraine.

    Automakers including Volkswagen, Toyota, Ford and Hyundai have announced temporary shutdowns of factories in Russia after its invasion of Ukraine and as their supply chains are disrupted.

    Stay Up To Date

    Click here for a roundup of how Russia’s invasion of Ukraine is impacting the auto industry.

    In a statement published on the United Russia website, the secretary of the ruling party's general council AndreiTurchak said shutting operations was a "war" against the citizens of Russia.

    The statement mentioned Finnish privately owned food companies Fazer, Valio and Paulig as the latest to announce closures in Russia.

    "United Russia proposes nationalizing production plants of the companies that announce their exit and the closure of production in Russia during the special operation in Ukraine," Turchak said.

    "This is an extreme measure, but we will not tolerate being stabbed in the back, and we will protect our people.

    This is a real war, not against Russia as a whole, but against our citizens," he said.

    "We will take tough retaliatory measures, acting in accordance with the laws of war," Turchak said.

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