Russia mulls counter-embargo: 10-yr ban on foreign firms which don't return by May 1

Moscow: Besieged by sanctions imposed by the US and NATO countries that has resulted in several multi-national companies suspending operations within Russia, Russia is apparently contemplating counter-embargo against firms that participate in the sanctions and will not return to the country's market by May 1.

State Duma Deputy Yevgeny Fedorov has proposed a 10-year ban on the work of foreign companies that will not return to the country's market until May 1.

A copy of the letter addressed to the head of the Ministry of Economic Development Maxim Reshetnikov was reported by RT.

The deputy recalled that a number of foreign entities, including oil giants who are wary of their global transactions being interrupted by US sanctions, have suspended their work in Russia, providing services to Russians and investments in the country.

Fedorov alleged in implication that those companies who left the country for now, plunged tens of thousands of citizens into a state of uncertainty about their future work and well-being.

"I ask you to evaluate the feasibility of determining the conditions for the return of these companies: to allow them to promptly restore their activities until May 1, 2022, or to impose a ban on commercial activities for a period of 10 years for those enterprises that do not wish to restore work in Russia before the proposed date," stated in the appeal.

Earlier, President Vladimir Putin supported the government's idea of introducing external management for foreign companies leaving Russia.

According to him, the authorities have enough legal market tools for this.

Experts have said the appointment of a temporary administration at foreign enterprises is a more compromise option than the direct nationalisation of business.

(With inputs from IANS)