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(Reuters) -Russian legislators proposed that foreign businesses leaving Russia be transferred to VEB by the State Development Bank VEB. This will allow the Russian owners to either resume operations or to sell their businesses in Russia within three months.

Numerous foreign businesses have either announced the temporary closing of their factories and stores in Russia, or stated that they are leaving Russia permanently since Russia’s “special military operation” against Ukraine began on February 24.

On Tuesday, a bill was submitted to parliament’s lower house. It showed that Russian lawmakers had proposed the appointment of VEB or other entities according to authorities’ and court’s decisions. This would allow for external administration in companies with more than 25% foreign ownership.

Companies that have played a key role in the infrastructure of monopoly productions of some goods could face sanctions from the outside administration if they decide to leave Russia.

Nokia (NYSE) – A telecoms equipment company, Nokia said Tuesday that it is withdrawing from the Russian market. It went further than Ericsson, which stated Monday that its Russian operations were suspended indefinitely.

Russian officials have suggested previously that Russia could nationalize assets owned by Western investors, who choose to leave.

Last week, Mikhail Mishustin, the Prime Minister, asked Russian companies to maintain production operations in Russia. This would save job opportunities even if they decide to relocate.