Russia's richest oligarch: Putin's threat to nationalize western companies is taking us back to 1917

Russia’ richest oligarch publicly vented his objections on Thursday to his country’s retaliation against international sanctions over the war in Ukraine.

Vladimir Potanin is the 61-year-old president and biggest shareholder of Norlisk Nickel, the world’s largest producer of palladium and refined nickel. He used Nornickel’s official Telegram channel to address rumors that the Kremlin will seize the assets of foreign companies leaving Russia, saying such an action would undermine decades of investor trust and market expertise.

"It would take us back 100 years to 1917,” Potanin said, referring to the chaotic days around the 1917 Bolshevic Revolution and the establishment of the Soviet Union. “And the consequences - a global lack of confidence in Russia from investors - we would feel for many decades."

"We should not try to 'slam the door' but endeavour to preserve Russia's economic position in those markets which we spent so long cultivating," Potanin added.  

The metals mogul expressed confidence that Western companies would return, blaming their withdrawal due to “unprecedented pressure on them because of public opinion abroad,” and said they should be welcomed back.

Potanin’s outburst is the latest expression of discontent from Russia’ moneyed elite hit hardest by Western sanctions. Moscow has implemented an export ban on over 200 products and restricted foreign-exchange transactions in response to crippling economic sanctions that have cratered the ruble and frozen much of the central bank's reserves. 

Potanin also called for removing foreign currency restrictions on paying Russia’s $480 billion in external debts, as a technical default on interest payments may allow debtholders to demand the full principle be paid.

The Norlisk president, whose estimated net worth is $22.5 billion, is the wealthiest man in Russia and one of the few oligarchs to avoid sanctions over Russian President Vladimir Putin’s decision to invade Ukraine on Feb. 24. The influence of his generation has been eroded by Russian President Vladimir Putin, who put some of Russia’s largest energy producers under state control, reports Reuters.

Fears that a new “Iron Curtain” will again isolate Russia from the rest of the world has caused many citizens to flee.