Apple assets to be ‘Nationalized’ in Russia

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Vladimir Putin, president of Russia came up with a plan to ‘nationalize’ assets left behind by Apple and other companies who have left the country.

Apple

If set in motion, the Russian government will be able to issue court orders and install external management on facilities, shops and factories left behind by companies such as Toyota, Microsoft, Apple, McDonald’s, IBM, Ikea and H&M. Management will be for 3 months, then the assets will be put on auction.

Apple and the other companies can stop the process by reopening within 5 days of receiving the court order. They can also sell the assets to preserve business activity and jobs.

United Russia issued a statement that nationalizing these assets would ‘prevent bankruptcy and preserve jobs’.

Apple has made moves to show its concern in the ongoing Ukraine-Russia war. Online sales, as well as third party retail exports have been halted since March 1.

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Samantha Wiley

Samantha is a senior news editor at iLounge. She has been covering the technology industry for over five years, writing about Apple, Google, and other major companies. Samantha has also worked as a reporter and editor for several other publications.