Analysis-Russia prepares to seize western firms looking to leave

FILE PHOTO: A stop road sign is seen next to skyscrapers at Moscow International business centre, also known as "Moskva-City", in Moscow, Russia April 14, 2022. REUTERS/Maxim Shemetov

(Reuters) - Russia is advancing a new law allowing it to take control of the local businesses of western companies that decide to leave in the wake of Moscow’s invasion of Ukraine, raising the stakes for multinationals trying to exit.

The law, which could be in place within weeks, will give Russia sweeping powers to intervene where there is a threat to local jobs or industry, making it more difficult for western companies to disentangle themselves quickly unless they are prepared to take a big financial hit.