Since the full-scale invasion of Ukraine in February 2022, President Putin’s Russia has presided over what amounts to a large-scale, covert nationalisation program. Both foreign and domestic assets—once owned by Western companies, oligarchs, and even regime critics—have been sequestered or expropriated. These actions symbolize a profound political and economic pivot: an accelerated return to a command economy oriented towards military strength and state control, sidelining genuine private enterp