Russia to propose 10-yr ban on foreign firms which don't return by May 1

Russian State Duma Deputy Yevgeny Fedorov has proposed a 10-year ban on the work of foreign companies that will not return to the country's market until May 1.

A copy of the letter addressed to the head of the Ministry of Economic Development Maxim Reshetnikov was reported by RT.

The deputy recalled that a number of foreign companies have suspended their work in Russia, the provision of services to Russians and investments.

According to him, they plunged tens of thousands of citizens into a state of uncertainty about their future work and well-being.

"I ask you to evaluate the feasibility of determining the conditions for the return of these companies: to allow them to promptly restore their activities until May 1, 2022, or to impose a ban on commercial activities for a period of 10 years for those enterprises that do not wish to restore work in Russia before the proposed date," stated in the appeal.

Earlier, President Vladimir Putin supported the government's idea of introducing external management for foreign companies leaving Russia.

According to him, the authorities have enough legal market tools for this.

Experts have said the appointment of a temporary administration at foreign enterprises is a more compromise option than the direct nationalisation of business.