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Moscow takes control over properties of Western business

Kremlin has been taking possessions of some Western companies in Russia through decrees signed by President Vladimir Putin and court orders related to claims over halted projects or blocked funds amidst Western sanctions.

Below is a list of the companies impacted up until now.

AGROTERRA

Russia took companies of farming group AgroTerra and put them under momentary management in April, including some backed by Dutch investment companies.

AMEDIA

Putin signed a decree moving Amedia's former assets to state management in September 2023, after the Norwegian publisher left control of its Russian printing houses to Russian journalist Dmitry Muratov in April 2022.

CARLSBERG

The Russian state took control of Danish beer company Carlsberg's stake in regional brewer Baltika Breweries in July 2023, putting it under short-lived management of the government property firm.

COMMERZBANK

A Russian court bought in June that Commerzbank assets worth 94.9 million euros ($ 105.4 million) be granted in damages to a pipeline company in northwest Russia.

Practically all of the properties involved had actually currently been seized by court order.

DANONE

The Russian state took control of the French yoghurt maker's. Russian subsidiary in July 2023 and brought it under momentary. control of the federal government home agency.

Putin removed it from temporary management in March, ahead. of a disposal of its Essential Dairy and Plant-based company in. Russia later that month.

DEUTSCHE BANK

A Russian court in May seized approximately 238.6 million euros. ($ 259.4 million) in securities, realty and savings account of. Deutsche Bank, together with its Russian subsidiary and Deutsche. Bank Innovation Center.

FORTUM

In April 2023, Putin signed a decree that established. control over Fortum's Russian system that runs power plants in. the country.

FRAPORT

Putin signed a decree in December 2023 to put St. Petersburg's Pulkovo Airport under the momentary management of a. Russian holding company, taking control from German airport. group Fraport, Qatar's sovereign wealth fund Qatar Financial investment. Authority and investors from other Gulf states.

JPMORGAN CHASE

JPMorgan Chase stated on May 2 that its possessions in Russia may. be seized after lawsuits in Russian and U.S. courts. It said the. worth of claims and orders to freeze properties surpassed its. offered assets in Russia.

A Russian court purchased in April the seizure of funds in. JPMorgan accounts after state-owned bank VTB sued to. regain its funds blocked abroad, while JPMorgan sued VTB in a. quote to block the effort.

LINDE

A Russian court ordered on Aug. 14 that properties of Linde's. British system worth some $1.15 billion be frozen in a conflict. over a gas processing plant.

OMV

Under decrees from December 2023, Austrian oil and gas. business OMV's stakes in the Yuzhno-Russkoye field and in the gas. extraction Achimov jobs are to go back to freshly developed. Russian business and sold to Gazovyye Tekhnologii. OMV's possessions will then be sold to joint stock business SOGAZ.

RAIFFEISEN

A Russian court froze the shares in Raiffeisen's local arm,. obstructing the sale of the Russian system, the Austrian bank said on. Sept. 5.

ROLF

On Feb. 21, a Russian court ordered that ownership of shares. in Rolf, an automobile dealership owned by a Cyprus-based company, be. turned over to the Russian state, Russian news firms. reported, after it was put under momentary state management. in December.

UNICREDIT

St Petersburg arbitration court bought in May that. UniCredit's assets, accounts and home, and shares in two. subsidiaries be taken as part of a lawsuit over an aborted gas. task including the Italian bank.

UniCredit said the seizure affected just a fraction of its. Russian system's properties, not the entire subsidiary.

UNIPER

The Kremlin on April 2023 took action against Unipro, the. Russian division of German utility Uniper that has 5 power. plants in Russia, presenting external management and a brand-new CEO.

WINTERSHALL DEA

Under decrees from December 2023, Wintershall Dea's stakes. in the Yuzhno-Russkoye field and in the Achimov tasks are to. revert to freshly developed Russian companies and offered for sale. to Gazovyye Tekhnologii, formalising the loss of control that. BASF and Wintershall Dea had actually flagged since January. 2023.

Wintershall Dea is a joint endeavor in between BASF and Russian. billionaire Mikhail Fridman's investment company LetterOne.

(source: Reuters)