Putin's Government Takes Control of Russia's Largest Car Dealership

On Friday, Russian President Vladimir Putin placed the largest car dealership in Russia under 'temporary state management'; a move that the founder of the dealership claims will make the country appear 'non-investable.' According to Reuters, 'Rolf,' which is owned by a Cyprus-based company founded by Russian businessman Sergey Petrov, is one of the first car dealerships to start operations in Russia after the collapse of the Soviet Union. This year, in response to Western sanctions due to the invasion of Ukraine, Putin's government has taken control of several Western companies in Russia, but this is the first time a Russian entrepreneur has lost ownership of his company. Kremlin spokesman Dmitry Peskov claimed that this action was taken solely for 'economic benefit and in accordance with the current laws of the Russian Federation,' also considering the 'recognized international economic situation.' Sergey Petrov was one of the few Russian businessmen who signed a letter in 2014 criticizing the annexation of Crimea by Russia. He, residing in Austria, has been accused by Russian officials of illegally transferring money out of Russia. In September, a senior manager of Rolf was sentenced to eight and a half years in prison for participating in a transaction labeled as 'illegal money transfer abroad.' Russian investigators began an investigation into Sergey Petrov in 2019, accusing him of buying shares at inflated prices; an accusation Petrov denied, stating it could be related to his 'different political views.' A warrant for Sergey Petrov's arrest has also been issued. The U.S. is sanctioning financial institutions supporting 'Russia's war machine'; Moscow: 'We will cut ties.' Putin says Russia is ready for dialogue about the future of Ukraine, but based on national interests. Putin significantly increased Russia's military budget. Britain targeted the gold and oil sectors of Russia with new sanctions. The U.S. imposed 130 new sanctions aimed at 'countering Russia's war machine.'