Google, which had previously suspended its operations in Russia, said it will continue to provide its free services there including Search, YouTube, Gmail, Maps, its Android operating service and its Play app store.
The decision to file for bankruptcy was not made today. The Federal Resources office indicated that the company considered it since March 22. Although Google will not close the entire operation in Russia, the cause of its departure is a warning of what could happen to the rest of the technology companies.
Nationalization of foreign companies?
In response to economic sanctions that have led to an exodus of Western companies, Russia has warned it could seize control of their assets. A bill announced in February allows Russian courts to appoint outside administrators at companies that suspend operations.
Already on February 10, the Russian government’s legislative commission approved a set of legislative measures that could eventually lead to the nationalization of foreign companies that leave Russia or suspend their business operations. Once approved by the Duma and the Senate, these measures seek to nationalize companies that are in the hands of foreign parent companies (more than 25% of share ownership) from countries of “hostile governments”. The legislative project is now available for review and provides that external management can be installed in companies for the purposes of their nationalization.
Although some experts anticipate that Russia would not dare to nationalize Western companies, many do not want to take the risk.
Source: Ambito
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