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It is the biggest asset grab since the post-war Reich was stripped to a carcass by the victories of the allied armies of the British, Soviet and Corporate American allies in 1945.
In retaliation against the Western Powers’ seizure of $300 billion of Russia’s savings in the West the assets of the Renault group in Russia become state property.
Many more Western assets invested in Russia have been similarly seized and are now enterprises of the Russian Federation. The Ministry of Industry and Trade announced the transfer of the Russian assets of the Renault group to the state.
All shares of CJSC Renault Russia will be owned by the Moscow government, and 67.69% of the securities of the AvtoVAZ concern will be transferred to FSUE NAMI. At the same time, Renault has an option to buy back its share, which can be exercised within six years. Thus, we are not talking about the irrevocable and free nationalization of property, experts emphasize.
AvtoVAZ will continue to produce the entire line of Renault LADA brand cars and will service Renault cars. In turn, the plant of the French concern in the capital will begin to produce cars under the Moskvich brand.
The total volume of Renault’s Russian assets is estimated at about €2.2 billion. In the case of additional investments from the Russian side, they must be compensated by Renault itself if and when it returns to the country,’ Goykhman explained.
Assets lost to the West and Western banking houses: At the end of March, the Russian government decided to legalize parallel imports in retaliation against the backdrop of Western sanctions.
Since the end of February 2022, the European Union, the United States and a number of other states continue to impose new sanctions against Russia. This is how the West reacts to the conduct of a military special operation in Ukraine. In total, almost 10,400 restrictions have already been imposed on Moscow, 7.6 thousand of them since the end of February.
Sanctions similar to those imposed on the Workers Reich, Iran, Rhodesia and South Africa and many others affect the banking industry, the energy sector, aviation and trade. At the same time, almost half of Russia’s gold and foreign exchange reserves (worth $300 billion) were illegally commandeered by the Western powers.
Now the Renault enterprise will become the property of the Russian capital and will start working again. ‘The foreign owner has decided to close Renault’s Moscow plant. This is his right, but we cannot allow thousands of workers to be left without work. Therefore, I decided to take the plant to the balance of the city and resume the production of cars under the historical Moskvich brand, ‘Sobyanin wrote in his blog.
According to him, the city authorities will try to keep the bulk of the staff working at the enterprise and its subcontractors. At the same time, KamAZ will become the main technological partner of the revived Moscow Automobile Plant Moskvich, Sobyanin noted.
In general, experts interviewed by RT positively assess the transfer of Renault assets to Russian ownership. According to them, under the conditions of sanctions, the initiative brings certainty to the issues of the further functioning of the country’s auto industry.
‘The positive thing is that the production facilities themselves are preserved, and this is already a lot. Jobs remain in the production of fairly demanded equipment, and new cars of domestic assembly will continue to enter the market, that is, to some extent, the formed niches of consumer demand will be filled, ‘concluded Mark Goykhman. Source
We may have found a cure for most evils; but we have found no remedy for the worst of them all, the apathy of human beings. – Helen Keller.
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Categories: Current Events