Britain slaps sanctions on Roman Abramovich Roman Abramovich assets: the cars, houses, yachts – and Chelsea FC FTSE 100 drops 1.3pc; European shares slump as ECB winds down stimulus Ben Wright: The City has failed to grasp the repercussions of Putin's horrific war Sign up here for our daily business briefing newsletter The Kremlin has drawn up plans to seize and even nationalise foreign companies that withdraw from the country in protest against its invasion of Ukraine. Russia's economy ministry has outlined new policies to take temporary control of departing companies where foreign ownership is more than 25pc. It's the first explicit response to a growing exodus of businesses from Russia, ranging from oil giants BP and Shell to Ikea and McDonald's. Under the planned laws, a Moscow court would consider requests from board members to bring in external managers and could then freeze shares of foreign-owned companies. Owners would be given five days to resume activity or resort to other options such as selling their stake. 6:19PM Wrapping up I t’s time to close the blog, we shall see you tomorrow morning! Before you go, have a look at our coverage on the economic consequences of the war in… Read full this story
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