A new class of oligarchs could rise from Putin's seizure of Western assets, says an expert in Russia
Russia has announced it's considering seizing the assets of foreign companies that exit the country — and it could create a new class of oligarchs, an expert on Russian finance told Insider.
Those who manage to acquire ownership of seized assets at fire-sale prices through state auctions could become the new class of tycoons, said Hassan Malik, a senior sovereign analyst at Boston-based investment management consultancy Loomis Sayles.
"There's certainly a risk that you just see the creation of a new class of crony capitalists or oligarchs," Malik told Insider.
As international companies exit Russia en masse, they are leaving behind assets such as factories and offices that are in working condition. Russian President Vladimir Putin has threatened to take over such idle but productive assets, telling government officials the Kremlin would seek to "introduce external management and then transfer these enterprises to those who actually want to work," according to the Associated Press.
https://www.msn.com/en-us/news/world/a-new-class-of-oligarchs-could-rise-from-putin-s-seizure-of-western-assets-says-an-expert-in-russian-finance/ar-AAVo3mW
Kleptocracy.