In a plea to President Donald Trump, American entrepreneur Leonid Smirnov has sought intervention within the Russian seizure of his $200 million canned meals enterprise, Glavprodukt.
What Occurred: Smirnov, who fears his firm is being systematically dismantled underneath Russian “momentary administration,” has warned of potential repercussions for different US-owned companies working in Russia.
Russian authorities have seized Smirnov’s firm, marking the primary occasion of an American-owned enterprise being focused. Smirnov, a Los Angeles-based businessman who fled the Soviet Union in the Nineteen Seventies, based Glavprodukt in 1999. The corporate has since change into a family identify in Russia, corresponding to Campbell’s within the US.
Smirnov asserts that the seizure of his firm is a component of a bigger marketing campaign by President Vladimir Putin towards international companies in Russia. He cautions that if it may well occur to him, it may well occur to any of the tons of of US-owned corporations working in Russia, reviews The New York Publish.
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For the reason that seizure, Smirnov’s Moscow-based firm, which employs 1,000 employees throughout three factories, has begun to expertise losses for the primary time, with the corporate’s worth plummeting by as a lot as 30 %. He fears for his and his household’s security and has known as on President Trump to intervene and safeguard American-owned companies in Russia.
Secretary of State Marco Rubio has prompt that the problem of Glavprodukt could be a part of any dialogue about resetting U.S.-Russia relations. Nonetheless, Smirnov fears his firm might not survive till then.
Why It Issues: This incident underscores the precarious place of international companies working in Russia, notably these owned by Individuals. The seizure of Glavprodukt serves as a stark warning to different US-owned corporations in Russia, highlighting the potential dangers they face amidst escalating tensions between the 2 nations.
The end result of this case might set a precedent for future dealings between US and Russian companies, making this a matter of serious concern for American entrepreneurs and traders alike.
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