Russia takes control of more European corporate assets
MOSCOW Russia has moved to place local assets of French, German, Swedish, and Belgian companies under temporary management, according to a decree by President Vladimir Putin, as EU ties hit a new low over the bloc's support for Ukraine. Decree listed assets belonging to French flooring maker Tarkett, German packaging maker Menshen, Swedish packaging maker Sverige International Holdings and Belgian hygiene product company Ontex. It also listed Russian assets of former European metal-packaging business Eviosys acquired by US packaging group Sonoco in December 2024. The decree listed the assets as owned by Sonoco's Dutch unit. The Kremlin said earlier that such measures to take control over foreign firms were a response to EU nations' involvement in "direct battlefield hostilities" but stressed they were "reversible." The latest move against European companies came ahead of Ukrainian President Volodymyr Zelenskiy's appearance at an EU summit on Friday and amid reports that the United States could seek control of some Russian assets frozen in Europe. Russia criticises the EU for freezing about €210 billion ($238 billion) of its sovereign assets in response to the war and for targeting assets belonging to Russian companies in Europe and other Western countries. The new decree follows a similar move last month against food giant Nestle and retailers Auchan and Metro.
