Kremlin considers expropriating surplus profits of Russian metal and oil producers

Andrei Belousov, assistant to the Russian President, suggested withdrawing 513.7 billion rubles ($ 7.7 billion) of super profits of metallurgical and petrochemical companies such as Severstal, Mechel, Polyus, Alrosa, Nornikel, Sibur, and others. Belousov suggested using these funds to cover the expenses required to  implement Putin's decrees. According to Vedomosti, the President of Russia wrote “I agree” on the proposal.

 “It is very important what the President has approved. The President agreed that this topic should be worked out by the Russian government and corresponding proposals will be made considering the need to preserve the investment opportunities of these companies. There are expert points of view and they will be considered by the experts,” said Vladimir Putin’s press secretary Dmitry Peskov.

Putin does not yet have any plans to meet with business representatives whose businesses may be affected by Belousov’s proposal, Peskov said. “Currently, no such meeting is included in the President’s agenda since he has not given consent to any decision. The President has agreed that this issue should be discussed by experts in the government”, he said.

  Russia, Kremlin