Putin places Japanese company's assets under "temporary management"

The Russian assets of Japan Tobacco International have been placed under the temporary management of an entity known as Promyslovye Aktivy (Industrial Assets).

Source: Latvia-based Russian media outlet Meduza

Details: Japan Tobacco International is the owner of brands such as Winston, Camel and Sobranie. According to a decree by Russian leader Vladimir Putin, the Russian business of Japan Tobacco International has been transferred to Promyslovye Aktivy.

Japan Tobacco International ran four plants in Russia, in St Petersburg, Leningrad Oblast, Lipetsk Oblast and Rostov-on-Don.

Meduza notes that the company continued to operate in Russia following the outbreak of the full-scale war in 2022 (although it announced that it would be suspending new investments and marketing activities) and changed its country of registration twice.

Background:

• At the end of September, Putin signed a decree placing the Russian assets of the German retail chain Metro under "temporary management".
• On 17 September, Putin signed a decree placing the Russian assets of Auchan, Nestlé and the chain formerly known in Russia as Leroy Merlin under temporary state administration.
• Putin's press secretary Dmitry Peskov later explained that the assets had been seized because their owners were based in European countries that Russia considers "unfriendly".

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