The authorities came up with the initiative to nationalize the production of foreign companies

"Alexander Arbouzov, Partner of Duvernoix Legal, recalls Venezuela, which partially nationalized the banking sector and oil production in the 2000s.

Alexander Arbouzov notes that there are legal possibilities for the implementation of Turchak's initiative. Article 235 of the Civil Code provides that the conversion to state ownership of property owned by citizens and legal entities (nationalization) is carried out on the basis of the law with compensation for the value of this property and other losses in accordance with the procedure established by Article 306 of the Civil Code. According to Art. 306 of the Civil Code, if Russia adopts a law terminating the right of ownership, the losses caused to the owner as a result of the adoption of this act, including the value of the property, are reimbursed by the state."

Source: Vedomosti
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