Taxes of Lithuanian citizens should not be used to pay compensation to companies that decide to do business in Russia, the Minister of Economy believes
Lithuania will not pay compensation to those businessmen who have business in Russia in case of nationalization of their property, Lithuanian Minister of Economy and Innovation Aushrine Armonaitė said in an interview with LRT TV channel.
President of the Lithuanian Confederation of Industry Vidmantas Janulyavichyus said that the assets of Lithuanian companies in Russia are illiquid, it is impossible to sell their property. He considered that Lithuanian enterprises in Russia would be mothballed. Business will not be able to return to the country soon, Janulyavičius believes.
Klishas named alternatives to the nationalization of foreign companies
As of the end of February, about 200-220 Lithuanian companies were operating in Russia, Arunas Laurinaitis, chairman of the Lithuanian-Russian Business Council, said. One of the largest investment projects was the Vičiūnai Group fish products plant in Kaliningrad, which also produces crab sticks under the VIČI brand. Its owners announced the suspension of production, but did not specify when it would take place.
Last year, Russia ranked 10th in terms of direct investment from Lithuania to foreign jurisdictions, but became the first market in terms of total exports, the publication noted.