Russia's Richest Businessman Tells Putin: Don't Take Us Back To 1917

Russia's richest businessman has warned the Kremlin against confiscating assets of companies that have fled in the wake of the invasion of Ukraine, saying such a step would set the country back more than 100 years, Mark Thompson reported for CNN Business.

Photo Insert: Vladimir Potanin is the president of metals giant Norilsk Nickel and its biggest shareholder.

Vladimir Potanin, president of metals giant Norilsk Nickel and its biggest shareholder, said that Russia risked returning to the tumultuous days of the 1917 revolution if it slammed the door on Western companies and investors. He urged the Russian government to proceed with extreme caution regarding the seizure of assets.

"Firstly, it would take us back a hundred years, to 1917, and the consequences of such a step — global distrust of Russia on the part of investors — we would experience for many decades," he said in a message posted on Norilsk Nickel's Telegram account on Thursday.

"Secondly, the decision of many companies to suspend operations in Russia is, I would say, somewhat emotional in nature and may have been taken as a result of unprecedented pressure on them from public opinion abroad. So most likely they will come back. And personally, I would keep such an opportunity for them," he added.

Potanin is Russia's wealthiest billionaire and still worth about $22.5 billion, according to Bloomberg, despite losing about a quarter of his fortune this year as shares in Norilsk Nickel crashed.

The company's shares lost more than 90% in London trading before they were suspended this month despite soaring prices for its commodities. Norilsk Nickel is the world's largest producer of palladium and high-grade nickel, as well as a major producer of platinum and copper.

The company and its primary products have escaped punishing sanctions imposed by Western countries that have slammed the Russian economy.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic