Russia plans to seize assets of western companies exiting country

Russia has drawn up plans to seize the assets of western companies leaving the country as the Kremlin pushes back against sweeping sanctions and the exodus of international businesses since its invasion of Ukraine.

The move comes as western governments seek to impose maximum pressure on Putin after the invasion of Ukraine by announcing drastic restrictions on imports of Russian oil and gas on top of financial sanctions and asset freezes for prominent oligarchs.

Burger King announced on Thursday that it would suspend all its corporate support for the Russian market, including operations, marketing and supply chain. The company does not directly operate restaurants in the country, the brand being run instead by local franchise partners.

Russia announced plans on Thursday designed to exert pressure back on the west through economic sanctions, including through an export ban on timber, electronic and telecoms equipment.

Moscow also passed laws to impound $10bn (£7.6bn) of jets leased to Aeroflot and other Russian airlines by western organisations.

Russia is due to make payments worth about $117m on government borrowing denominated in US dollars on Wednesday next week. However, doubts have been raised over whether the coupon payments will be made amid western sanctions on the Russian central bank and commercial lenders, as well as retaliatory steps announced by Moscow.