Guy Faulconbridge

LONDON (Reuters). – The confiscation of assets by companies who fled Russia in the aftermath of Ukraine’s invasion would undermine investor confidence over decades, Vladimir Potanin, a metals magnate stated. This would bring Russia back into the calamitous times of 1917 Bolshevik revolution.

Potanin is the largest shareholder of Norilsk Nickel. It’s the world’s biggest producer of palladium, refined nickel and other metals. Potanin suggested that Russia respond to the exclusion of large swathes from the global economy with pragmatic thinking.

Potanin (61 year-old President of Norilsk Nickel) stated that Russia should not attempt to “slam the doors” but instead try to maintain Russia’s economic position on those markets, which he spent so much cultivating.

Potanin stated that confiscating assets of companies leaving Russia would make Russia unattractive to investors for many decades.

Potanin stated that “it would be 100 years back to 1917” and the results – a global loss of confidence from Russian investors – would have repercussions for several decades.

MMC Norilsk Nickel, the largest global producer of high-grade and palladium nickel and the most prolific producer of platinum, is also the biggest producer of. The company also produces cobalt and silver as well as rhodium.

Russian Prime Minister Mikhail Mishustin said to President Vladimir Putin Thursday that Russia suggested putting Russia’s companies under foreign administration.

Although the exact mechanism of this are not known, there’s fierce discussion within Russia about Russia’s response to Western sanctions.

Russia’s economic crisis is the most severe since 1991’s fall of Soviet Union. The West placed heavy sanctions almost on the whole Russian financial system and corporation after Moscow invaded Ukraine.

Putin stated that the Russian government must conduct a “special military operation” to protect its security. This is after NATO expanded to Russia’s borders, and the United States supported pro-Western leaders at Kyiv.

Ukraine declares it fights for its survival. America and its European, Asian and Asian allies denounce the Russian invasion. China demanded calm.