Putin Introduces External Management: We’ll Emerge Stronger despite West’s Illegitimate Sanctions

By Staff, Agencies 

The Russian government announced that it has drafted legislation that introduces an “external” administration if international owners decide to close their companies in the country.

Growing numbers of Western companies have suspended or ended operations in Russia after the United States and European countries imposed crippling economic sanctions.

“With regard to those who are going to close their production [in Russia], we need to act decisively here, in no cases allow any damage to local suppliers,” President Vladimir Putin told his cabinet via video link on Thursday.

He further stated: “It’s necessary … to introduce external management and then transfer these enterprises to those who want to work,” he said, after Prime Minister Mikhail Mishustin said the government had prepared the draft law.

Putin also told his ministers Russia should ensure that the rights of foreign investors who chose to remain in the country are “reliably protected.”

Meanwhile, Russia’s top leader assured that his country will emerge stronger and more independent after surmounting the difficulties created by the West’s “illegitimate sanctions.”

In parallel, Putin stated that there had been no alternative to Russia’s operation in Ukraine, adding that Russia was not a country, which could accept compromising its sovereignty for some sort of short-term economic gain.

“These sanctions would have been imposed in any case. There are some questions, problems and difficulties but in the past, we have overcome them and we will overcome them. In the end, this will all lead to an increase in our independence, self-sufficiency and our sovereignty."

Putin also emphasized that “sanctions on Russia are not legitimate.” He said Russia would keep its composure in resolving the problems that would arise.

Elsewhere in his remarks on Thursday, Putin said Russia, which supplies about 40 percent of Europe's gas, would be able to continue to meet its contractual obligations.

“They [Americans] announced that they are closing the import of Russian oil to the American market. Prices there are high, inflation is unprecedentedly high, has reached historic highs. They are trying to blame the results of their own mistakes on us,” he said, noting that, “We have absolutely nothing to do with it.”

The Russian president also said: “They are already trying at any cost to come to an agreement with the countries against which they have imposed illegal sanctions,” adding, “And they are ready to make peace with Iran and sign all the documents immediately. And with Venezuela. They went to Venezuela for talks with them.”