Putin Seizes Control of Dozens of Private Firms in Russia, Transferring Assets to Loyalists
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The Kremlin has been forcibly nationalizing businesses across Russia, including 55 in the Chelyabinsk region, since the Ukraine invasion.
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Metals plants, agribusinesses, and food firms owned by Chelyabinsk's top businessmen have been targeted.
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The nationalized assets will likely be transferred to regime loyalists and state defense firms.
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Putin has tried to reassure businesses, saying there won't be full-scale deprivatization, but critics say the rule of law is not being followed.
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Analysts say the moves create interest groups invested in continuing the war, but so far the beneficiaries are the "usual suspects" rather than a new elite.