Russia takes control of more European companies' assets

Russia has taken steps to place the Russian assets of French, German, Swedish and Belgian companies under temporary management, according to a decree signed by Russian ruler Vladimir Putin.

Source: Reuters

Details: The decree, published on 15 October, lists assets belonging to French flooring manufacturer Tarkett, German packaging manufacturer Menshen, Swedish packaging manufacturer Sverige International Holdings and Belgian hygiene products manufacturer Ontex.

It also lists the Russian assets of Eviosys, a former European metal packaging company acquired by US packaging group Sonoco in December 2024. The decree states that these assets belong to Sonoco's Dutch subsidiary.

This latest move against European companies came ahead of Ukrainian President Volodymyr Zelenskyy's address at the EU summit on 16 October, amid reports that the US could seek to take control of some Russian assets frozen in Europe.

The new decree follows a similar move last month targeting food giant Nestlé and retail chains Auchan and Metro.

Background: In late September, Putin signed a decree placing the Russian assets of German retail chain Metro under temporary management.

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