Russia Seizes $7.6 Billion in Assets in Largest Nationalization
In a significant move, Russian authorities have confiscated assets valued at 550 billion rubles ($7.59 billion) previously belonging to jailed billionaire Vadim Moshkovich. Moshkovich, the founder of agricultural giant Rusagro, has been in pre-trial detention since March of the previous year, with former Rusagro CEO Maxim Basov also arrested in connection with the case. This action marks what appears to be the largest asset seizure in Russia’s recent trend of nationalizations, a campaign that has already brought an estimated 6.5 trillion rubles ($89.7 billion) in private assets under state control, particularly since the invasion of Ukraine. The Interior Ministry confirmed the completion of its investigation into Moshkovich, with all seized property now transferred to state revenue, following a court order in May to nationalize Rusagro, a major producer of pork and sugar.
John Q. Hosedrinker