This is an automated archive made by the Lemmit Bot.
The original was posted on /r/worldnews by /u/Silly-avocatoe on 2023-12-20 14:27:54.
Russia to seize energy assets from ‘unfriendly’ European countries
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://www.politico.eu/article/russia-seize-european-energy-assets-omv-wintershall/
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
Russian President Vladimir Putin has signed decrees granting his government power to confiscate and forcibly sell off billions of dollars worth of assets belonging to European energy firms to new state-approved owners.
In a decree published Wednesday, the Kremlin mandated the creation of new Russian-run companies to take over shares in the colossal Yuzhno-Russkoye oil and gas field, currently owned by Austria’s OMV and Germany’s Wintershall.
The two European energy giants, both from countries that Moscow claims are “unfriendly” in the wake of its full-scale invasion of Ukraine, together hold a 60 percent stake in the drilling site in Russia’s icy far north.
While the companies will theoretically be compensated for their investment, the amount they receive from the sale will be determined by the Russian state, in a move that marks the biggest asset seizure in the country’s recent history.
Following the decision, former Russian oil and gas tycoon Mikhail Khodorkovsky, who had his own energy empire dismantled and was jailed as a result of his opposition to Putin, told POLITICO there were now no legal protections for foreign firms.
Meanwhile, the Kremlin has already confiscated assets belonging to Western firms like Danone and Carlsberg in the wake of their decisions to leave the market, handing the windfall to close allies of Putin and their families.
The original article contains 377 words, the summary contains 217 words. Saved 42%. I’m a bot and I’m open source!