The war in Ukraine enriches Russia - the Kremlin has confiscated 50 billion USD of assets in 3 years
Over the past three years, Russia has seized assets worth $50 billion, profiting from the departure of Western companies and the expropriation of domestic businesses. This situation has marked a major shift in the country's economic model.
Russian authorities have seized assets worth $50 billion over the past three years, highlighting the major transformation of the country's "fortress" economic model during the war in Ukraine, data presented by Reuters shows.
The conflict has been accompanied by asset transfers, as many Western companies left the Russian market, other assets were expropriated, and some large Russian businesses were taken under state control.
In response to what Russia called illegal actions by the West, President Vladimir Putin signed decrees over the past three years allowing the seizure of Western assets, including firms such as Germany's Uniper and Danish brewer Carlsberg.
In addition to Western assets, large domestic companies have changed hands under various legal mechanisms, including the need for strategic resources, allegations of corruption, alleged privatization violations or poor management. Moscow law firm NSP said the scale of the so-called "nationalization" reached 3.9 billion rubles over three years.
The dissolution of the Soviet Union in 1991 raised hopes that Russia could transform into a free-market economy integrated into the global economy, but rampant corruption, economic turmoil, and organized crime eroded faith in democratic capitalism during the 1990s. Putin, in his first eight years in power, championed economic freedoms, targeted some so-called oligarchs, and led the economy to grow significantly to $1.8 trillion in 2008, up from $200 billion in 1999.
In the period 2008-2022, the economy grew to $2.3 trillion, although Western sanctions hit the Kremlin hard after Russia annexed Crimea in 2014, according to figures from the International Monetary Fund.
Conference on the Recovery of Ukraine - Rama is welcomed by Giorgia Meloni!
Prime Minister Edi Rama arrived in Rome today where he will participate in the Ukraine Recovery Conference, one of the most important international forums of......
Freeing up public spaces in Tirana/ Balla: We listen to citizens from corner to corner!
In Tirana, the campaign to vacate public spaces occupied without permission by businesses that have placed tables, chairs, tents or other elements that impede......
Roads, projects to be financed until 2028 - More funds, 407 km of roads built or rehabilitated, within 2026
Budgetary expenditures for the road transport program are expected to increase over the next 3 years. According to the medium-term budget program 2026-2028,......
Illegal pesticide trade spreads in Greece - Farmers find "alternative" methods to reduce farming costs
The illegal pesticide trade in Greece is growing rapidly, as farmers seek cheaper alternatives to cope with high prices. This situation threatens the......
How much do summer medication prescriptions cost for children? - Pharmacist Muka: They range from 3500 lek to double that
Now in the summer season, there are not only relaxing vacations, but also a delicate situation of seasonal viruses, especially among children. While parents......
OpenAI "challenges" Google Chrome - The new web browser will be driven by AI
OpenAI is set to launch an artificial intelligence-powered web browser soon. The startup aims to challenge Google's dominance in the sector by changing the......
The army is strengthened, more budget for pensions - The "bag" of money is opened, which ministries receive the most?
The government has approved the medium-term budget document until 2028, defining priority areas through allocated funding. According to the document, the......
Fire situation in the country over the last 24 hours - Ministry of Environment: Three active fires out of 18 reported!
The Ministry of Defense, regarding the fire situation in the country, informed today that during the last 24 hours, 18 fires have been reported, of which 3......
