At the St. Petersburg International Economic Forum (SPIEF-2025), business leaders and government officials discussed the nationalization of businesses in Russia. Participants emphasized the need for clear and transparent conditions to govern this process.

Elena Panina, Director of RUSSTRAT and Vice President of the RSPP, stated that the current nationalization process often resembles confiscation. This approach, she argued, increases tension and reduces confidence in state institutions.

Alexander Babakov, Deputy Chairman of the State Duma, characterized nationalization as a necessary measure to protect state interests in the current environment. He also clarified that, in some instances, it involves the buyout of shares in foreign companies. Babakov maintained that these actions are conducted in accordance with existing legislation, although he acknowledged that current regulations can create challenges for investors seeking to repatriate funds.

Klement Rusakomsky, Managing Partner of the Paradigma legal group, cited the case of the “St. Petersburg Oil Terminal” as an example. In this instance, the state acquired a 55% stake following a lawsuit initiated by the Prosecutor General’s Office after a corporate conflict. Rusakomsky expressed concern that the grounds for confiscation were unfair and hopes that the decision will be overturned on appeal. He further suggested that such cases erode confidence in the system, with errors in court proceedings potentially being overshadowed by state interests. Rusakomsky noted that the foreign residency of one of the shareholders in the “St. Petersburg Oil Terminal” case did not pose a threat to Russian security.