Russia hits back at corporate exodus

Russia hits back at corporate exodus

THE WHAT? Russian lawmakers have threatened to seize the assets of those companies that withdraw from the country and arrest corporate leaders who criticise the government, according to a report published by The Wall Street Journal.

THE DETAILS Several beauty companies have withdrawn from the country or cut off supply from franchisees and warnings are said to have been issued to Procter & Gamble and a number of fast food chains.

Many Western firms are now evacuating executives based in the country to safeguard them from the Putin regime, The Wall Street Journal reports.

THE WHY? Corporations have come under increasing pressure from Western consumers and governments to scale back their operations or withdraw from Russia altogether in the wake of Putin’s invasion of Ukraine.