Assets of Five Foreign Companies in Russia Transferred to Temporary Management
By a decree signed by Vladimir Putin, the Russian assets of five international companies, including Tarkett and Ontex, have been temporarily transferred.
Russian President Vladimir Putin has signed a decree providing for the temporary transfer of assets of five international companies, including manufacturers of flooring and hygiene products, to the management company Center Capital.
Scope of the Decree and Companies
The new decree signed by Russian President Vladimir Putin targets the assets of various international companies operating in the country.
Under the regulation, the Russian subsidiaries of flooring manufacturer Tarkett and personal hygiene products manufacturer Ontex have been transferred to temporary management.
Transfers in the Packaging Sector
The decree is not limited to the flooring and hygiene sectors but has been expanded to include foreign investments in the packaging industry.
The Russian shares of Germany-based Georg MENSHEN, Netherlands-based Sonoco Packaging Netherlands Investments, and Sweden-based Sverige International Holdings have been transferred.
Management Company and Previous Practices
It has been made official that the assets and shares belonging to these five companies have been transferred to the temporary management of a company called "Center Capital."
This move, which also includes personal care brands such as Helen Harper under Ontex, is a continuation of Russia's previous temporary management policies regarding the assets of Western companies.