Us Businessman Appeals to Trump After Russia Seizes His $200 Million Food Empire

In a plea to President Donald Trump, American entrepreneur Leonid Smirnov has sought intervention in the Russian seizure of his $200 million canned food business, Glavprodukt.

What Happened: Smirnov, who fears his company is being systematically dismantled under Russian “temporary management,” has warned of potential repercussions for other US-owned businesses operating in Russia.

Russian authorities have seized Smirnov’s company, marking the first instance of an American-owned business being targeted. Smirnov, a Los Angeles-based businessman who fled the Soviet Union in the 1970s, founded Glavprodukt in 1999. The company has since become a household name in Russia, comparable to Campbell’s in the US.

Smirnov asserts that the seizure of his company is part of a larger campaign by President Vladimir Putin against foreign businesses in Russia. He cautions that if it can happen to him, it can happen to any of the hundreds of US-owned companies operating in Russia, reports The New York Post.

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Since the seizure, Smirnov’s Moscow-based company, which employs 1,000 workers across three factories, has begun to experience losses for the first time, with the company’s value plummeting by as much as 30 percent. He fears for his and his family’s safety and has called on President Trump to intervene and safeguard American-owned businesses in Russia.

Secretary of State Marco Rubio has suggested that the issue of Glavprodukt would be part of any discussion about resetting U.S.-Russia relations. However, Smirnov fears his company may not survive until then.

Why It Matters: This incident underscores the precarious position of foreign businesses operating in Russia, particularly those owned by Americans. The seizure of Glavprodukt serves as a stark warning to other US-owned companies in Russia, highlighting the potential risks they face amidst escalating tensions between the two nations.

The outcome of this situation could set a precedent for future dealings between US and Russian businesses, making this a matter of significant concern for American entrepreneurs and investors alike.