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Russia to 'nationalize' western businesses that left country | Dan Abrams Live - YouTube
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vladimir putin had threatened to
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retaliate in response to western
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sanctions and this week on this show we
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asked what could he really do
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what power could he wield over the west
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tonight we're learning about one
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response and it involves seizing and
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nationalizing the assets western
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companies leave behind as they pull out
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of the country over its invasion of
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ukraine
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so let's translate that
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it means they may be stealing all the
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stuff left behind by these companies
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they're now going to use it themselves
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a long list of companies including
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mcdonald's burger king shell oil jp
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morgan chase goldman sachs pepsi have
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announced plans to suspend their russian
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operations
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so those assets could include property
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even entire business arms of the company
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putin says the kremlin can legally seize
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the firms and introduce external
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management then transfer these
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enterprises to quote those who actually
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want to work so picture this let's take
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mcdonald's for example the russian
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government if it follows through with
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these plans could ignore any copyright
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or patent and just call it mcdonald's
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again and open it under state control
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they've already signaled that they're
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not going to respect trademark so they
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keep those golden arches same workers at
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the drive-through
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still
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telling people to say i'm loving it
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joining me now is leland vitter host of
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on balance who's covered the region for
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years leland i don't know if you're a
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mcdonald's fan but russia is saying
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that they're going to have a formal
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process here right they're pretending as
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if they're going to sort of establish a
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sort of a legal system to evaluate that
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how do they say that's going to work
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probably about the same way it worked
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that vladimir putin said they weren't
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going to invade ukraine and that they
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were withdrawing forces so
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this this idea of this legal process
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that they say that for in five days the
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u.s businesses can file a complaint and
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it goes through the court process gives
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the russian courts way too much credit
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russia is essentially vladimir putin inc
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and it it makes perfect sense right if
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you're vladimir putin and your economy
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is crashing literally by the second well
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and you've got
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huge plants there you've got big ikea
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stores you've got mcdonald's that are
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now closed and workers out of work why
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wouldn't you reopen them and seize this
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the real problem is what happens when
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this whole thing is over because it's
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going to be over eventually or we're all
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going to be dead in a nuclear war and
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the russian people are going to really
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suffer because western companies after
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having all of their asses assets seized
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are not going to be heading back to
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invest
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in russia you think about airbus and
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boeing the only two major manufacturers
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of commercial airplanes in the world
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they are owed billions of dollars either
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they are the leasing companies that own
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all of the russian commercial jets for
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all the russian airlines if they don't
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turn those over what's boeing or airbus
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incentive to ever do business again
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yep now can we do the same thing to them
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do we have a lot of russian assets in
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the united states that it could become
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tit for tat well
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it's not exactly like there's a lot that
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the russians russian companies make in
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america that you really like or one what
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will be interesting to see here is of
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all the russian assets that were seized
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in these sanctions and frozen talking
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about foreign currency reserves the bank
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accounts of oligarchs and in the like
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especially if the u.s and the uk start
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seizing oligarch
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assets i'm thinking about roman
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ibranovich's 150 million mansion uh
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probably perhaps next door to you in in
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new york dan um that you could the these
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companies say boeing or airbus says well
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we lost two
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triple seven airliners for boeing's sake
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we're and roman abramovich's house is an
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extension of putin inc therefore we're
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going to try to make some kind of trade
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uh whether u.s courts would entertain
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that or not is is way way way too early
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to tell
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yeah and bottom line is this a surprise
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that he's doing this
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i don't know if it's a surprise that
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he's doing unusual things
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but it's probably
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something that these companies
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considered in the past
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i don't know a couple of months to begin
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pulling assets out of russia if you
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think about it if you're goldman sachs
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you have some money in russian banks you
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can't get that out and i bet there's a
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bunch of computers they remotely wipe
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those and they move on
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the companies that really have much
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bigger issues are the companies that may
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have plants in russia the flip side is
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companies like boeing who had big
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operations to extract titanium and buy
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titanium from the russians and then you
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really have to think about the big oil
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company shell exxon bp they did tens of
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billions of dollars of year
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a year worth of business with the
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russians and they're taking huge losses
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on their own balance sheets and their
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own income statements to walk away so
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for all of our complaining about
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american companies not doing the right
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thing here they are
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yeah
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leland thanks a lot for sticking around
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for us really appreciate it good to see
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you thank you for watching click the red
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