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 “short-term 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 Seventies, based Glavprodukt in 1999. The corporate has since change into a family title in Russia, similar to Campbell’s within the US.
Smirnov asserts that the seizure of his firm is an element of a bigger marketing campaign by President Vladimir Putin in opposition to overseas companies in Russia. He cautions that if it might occur to him, it might occur to any of the lots of of US-owned firms working in Russia, studies The New York Publish.
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Because the seizure, Smirnov’s Moscow-based firm, which employs 1,000 staff 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 recommended that the difficulty of Glavprodukt can be a part of any dialogue about resetting U.S.-Russia relations. Nonetheless, Smirnov fears his firm could not survive till then.
Why It Issues: This incident underscores the precarious place of overseas companies working in Russia, notably these owned by People. The seizure of Glavprodukt serves as a stark warning to different US-owned firms in Russia, highlighting the potential dangers they face amidst escalating tensions between the 2 nations.
The result of this case might set a precedent for future dealings between US and Russian companies, making this a matter of great concern for American entrepreneurs and buyers alike.
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