Russia Moves to Seize Assets of European Companies
Moscow has transferred the local assets of companies from France, Germany, Sweden, and Belgium to temporary management in retaliation for support given to Ukraine.
Russian President Vladimir Putin has signed a decree taking control of the local assets of four companies based in France, Germany, Sweden, and Belgium in retaliation for European countries' support for Ukraine.
Companies Targeted by the Decree
Under the signed decree, the assets of French flooring manufacturer Tarkett, German packaging producer Menshen, Swedish packaging company Sverige International Holdings, and Belgian hygiene products firm Ontex were targeted. The list also includes the Russian assets of Eviosys, a former European metal packaging business acquired by the U.S.-based Sonoco group in December 2024.
Statements from the Kremlin
Kremlin Spokesperson Dmitry Peskov stated that the role of the relevant countries in unlawful attempts to seize Russian property was influential in the decision. The properties in question have been placed under the temporary management of Russian companies.
Company Reactions and Future Steps
Global companies such as Ontex and Tarkett reported that they acknowledge the situation and are evaluating their options. While Russian President Vladimir Putin acknowledges that seizing Western assets may have some negative aspects, he is urging Russian businesses to seek local financing and reduce their dependence on global markets.