Of specific concern are Western firms that when symbolized post-Soviet Russia’s integration into the world economic system, like McDonald’s and Ikea, which have now shuttered a whole lot of shops and factories. Mr. Putin advised officers within the televised assembly that the belongings of such firms ought to be put below “exterior administration” after which transferred “to those that wish to work.”
Dmitri A. Medvedev, the vice chairman of Mr. Putin’s safety council, mentioned the Kremlin might reply to Western firms leaving the Russian market with the seizure of their belongings “and their doable nationalization.”
The prospect of the Kremlin seizing personal belongings rattled Russia’s enterprise neighborhood. Vladimir Potanin, a metals magnate who’s considered one of Russia’s richest males, launched a press release warning that such nationalization would “convey us again 100 years, to 1917” — the yr of the Russian Revolution, when the Bolsheviks forcibly took over personal enterprises.
Russian oligarchs are going through their very own risk to their belongings. On Thursday, the British authorities positioned new sanctions on seven distinguished Russian businessmen, together with Roman Abramovich, the proprietor of the Chelsea soccer membership, and Oleg V. Deripaska, a robust metals magnate.
Not all Russians are affected equally by the financial dislocation.
These employed by the sprawling public sector and state-owned firms — who make up a lot of Mr. Putin’s political base — are comparatively insulated, with their jobs prone to be safe. Against this, middle-class Russians whose jobs and lives are tied intently to the world economic system, and who’re already extra probably than the common Russian to oppose Mr. Putin, are below higher risk.
The danger for the West, some warned, is that the crushing sanctions might spark a backlash.
“The drugs might grow to be worse than the sickness, even from the perspective of declared objectives,” Mr. Enikolopov mentioned, arguing that the sanctions might find yourself entrenching anti-Western views. “Nobody is trying on the collateral injury in any respect.”
On the shore of western Russia’s Lake Valdai, Tatyana Makarova, an entrepreneur, mentioned that she supported Mr. Putin’s battle in Ukraine — and that the affect of the sanctions solely exhibits that Russia has been excessively depending on the West. Ms. Makarova, who owns a small cleansing firm, mentioned in a telephone interview that she believed the financial disaster would lastly drive Russia to develop homegrown know-how.