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- October 16, 202612°
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Putin places Russian assets of five foreign companies under temporary management
Russian President Vladimir Putin signed a decree placing the Russian assets of five foreign companies, including France’s Tarkett and Belgium’s Ontex, under temporary management. Management of the assets was handed to the Russia-based company Center Capital.
Five more companies have been added to Russia’s temporary management regime for foreign-owned assets. A decree signed by Russian President Vladimir Putin provides for the management of these companies’ assets in Russia to be transferred on a temporary basis.
The companies covered by the decision include French flooring manufacturer Tarkett and Belgian personal hygiene products maker Ontex. The Russia-based company Center Capital will take over the management of Tarkett’s and Ontex’s assets in Russia.
Stakes in packaging companies also transferred
Center Capital will also take over the management of stakes in Russian packaging production companies owned by Germany’s Georg Menshen, the Netherlands’ Sonoco Packaging Netherlands Investments and Sweden’s Sverige International Holdings.
Under the decree, in addition to the shares of Tarkett and Tarkett Rus, stakes in Tarkett Sommer, Ontex RU, Eviosys Packaging Kuban, Menshen Packaging CIS and Kappa Rus were also placed under temporary management.
The Helen Harper brand belongs to Ontex
The brands of Belgium’s Ontex include Helen Harper, a maker of personal hygiene products.
The decree updates the list of assets placed under temporary management in line with a presidential decree dated April 25, 2023. The regulation enters into force on the day of its official publication.
Similar transfer decisions in Russia
In response to Western sanctions, Russia has previously placed the assets of a number of foreign companies under the temporary management of Russian entities. On Sept. 17, Putin signed similar decrees concerning the Russian assets of Lemana PRO, Nestlé, FM Logistic and Auchan.
On Sept. 28, the Russian president signed a similar decree concerning the assets of Metro Cash & Carry.
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