Putin is tightening his grip on businesses and workers as Russia’s economy begins to falter.
The Kremlin has proposed new laws that would force private companies to repair tanks and weapons and manufacture new goods for the military.
It would also impose “special measures” on workers, including night shifts and overtime.
The sweeping move reflects Russia’s struggles as its war in Ukraine drags on and sanctions continue to hammer the economy.
Earlier this week the Kremlin unveiled £24billion in spending cuts over the next three years as Russia braces for a recession.
5 things to start your day
1) US buyer cleared to take over UK nuclear sub-supplier – Ultra Electronics will be sold to Boston-based Advent International
2) Six Nations Rugby chairman denies conspiring to destroy Phones 4U — Ronan Dunne said he attended a secret lunch with Olaf Swantee but did not discuss pricing strategies
3) HSBC sells Russian division to banking tycoon – Lender under pressure from ministers to ‘fully condemn’ Kremlin war
4) Nadhim Zahawi’s fight for tax cuts in the face of a brutal economy – Time is not on the side of the new Chancellor with her colleagues in open revolt
5) Inside the corporate war engulfing Ben & Jerry’s activist agenda – Serving social justice leaves a bitter taste at Unilever
What happened overnight
Shares in Tokyo opened higher this morning, with the benchmark Nikkei 225 index up 0.7pc.
In contrast, Hong Kong stocks opened lower. The Hang Seng Index fell 1pc and the Shanghai Composite Index fell 0.07%, or 2.22 points, to 3,353.13.
However, the Shenzhen Composite Index on China’s second largest stock exchange edged up 0.06pc.
- Company : Baltic Classified Group, Currys, Swiss Watches (annual results); Entain, Ferrexpo, John Wood Group, Persimmon, RS Group, Victrex (business update)
- Economy: House prices in Halifax (UK); ADP job change, unemployment insurance claims (WE)