Nationalization of Assets in russia Is Gaining Momentum

In 2025, the trend toward nationalization intensified sharply in russia: the authorities are actively seizing private companies, usually with subsequent resale to investors loyal to the kremlin. The total value of assets transferred to state ownership has exceeded 3 trillion rubles – 4.5 times more than in 2024, and since 2022 has reached a cumulative total of about 6.5 trillion rubles. Almost 1.2 trillion rubles came from strategic enterprises, while the state received just over 1 trillion rubles from corruption charges, which remain the main basis for lawsuits.

The grounds for seizures vary, ranging from privatization violations to ties with foreign investors, with even russians with dual citizenship or residence permits abroad being considered foreign. Nationalization affects all sectors, but the greatest risks are borne by large and economically attractive assets, in particular seaports, fishing, and mining and processing enterprises. The russian constitutional court’s October 2024 ruling that there is no statute of limitations in anti-corruption cases, as well as the recent recognition of the possibility of seizing publicly traded shares, only intensify this process.

Assets rarely remain in state ownership: they are quickly resold, generating additional revenue for the budget – estimated 30 billion rubles as of September – and providing indirect control through investors close to the kremlin. Fewer than 1 % of cases are decided in favor of the owners, while the time taken to hear cases has been significantly reduced thanks to coordination between law enforcement agencies and the courts.

The trend is fueled by budgetary pressure, high cost of money, low GDP growth, and volatility in foreign trade. There are no foreseeable reasons for a slowdown: nationalization will continue to expand as long as there are attractive assets.