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☆ Factbox: Moscow takes control over assets of Western companies
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - President Vladimir Putin has signed decrees to take temporary control of assets belonging to some Western companies in Russia, in retaliation against foreign moves against Russian companies abroad, and warned in April the Kremlin could seize more. CARLSBERG (CARLb.CO)The Russian state took control of Danish beer company Carlsberg's stake in local brewer Baltika Breweries on July 16, putting it under "temporary management" of government property agency Rosimushchestvo, according to a decree signed by Putin. DANONE (DANO.PA)The Russian state took control of the French yoghurt maker Danone's Russian subsidiary Danone Russia on July 16, according to a decree signed by Putin, and brought it under temporary control of the government property agency. FORTUM (FORTUM.HE)On April 25, Putin signed a decree that established control over the Russian subsidiary of the Finnish utility company Fortum, which operates power plants in Russia. Compiled by Agata Rybska, Greta Rosen Fondahn; Editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

Persons: Vladimir Putin, Putin, Agata Rybska, Greta Rosen Fondahn, Nick Macfie Organizations: CARLSBERG, Baltika Breweries, Putin, DANONE, Danone Russia, Unipro, Thomson Locations: Russia, Russian, Finnish

According to a decree signed by Putin on Sunday, the Russian state had taken control of Danone's Russian subsidiary along with beer company Carlsberg's (CARLb.CO) stake in a brewer. Yakub Zakriev, 32, a deputy prime minister of Chechnya and the republic's agriculture minister, took the post of general director of Danone Russia on Tuesday, Interfax's SPARK database of company disclosure documents in Russia showed. "Choosing him as general director of Danone Russia shows that representatives of the team of Chechen President and Hero of Russia Ramzan Akhmatovich Kadyrov are talented and successful managers," Dudayev said on his Telegram messaging app. Kadyrov, a close ally of Putin, has referred on social media to Zakriev as his "dear nephew". Danone sought alliances with big local players during the boom years, eventually gaining at least a fifth of Russia's dairy market.

Persons: Kadyrov, Danone Russia Kovalchuk, Carlsberg, Ramzan Kadyrov, Vladimir Putin, Putin, Yakub Zakriev, Akhmed Dudayev, of Russia Ramzan Akhmatovich Kadyrov, Dudayev, Zakriev, Zulai, Akhmad Kadyrov, Kadyrov's, Danone, Yuri, Mikhail Kovalchuk, Bolloev, Guy Faulconbridge, Lidia Kelly, Shubhendu, Stephen Coates, Angus MacSwan Organizations: Danone Russia, Danone, Kremlin, Sunday, Chechen, Moscow State University, Cuban Missile, Soviet, Financial Times, Shubhendu Deshmukh, Thomson Locations: MOSCOW, Russia, Ukraine, Russian, Chechnya, Grozny, Paris, Red, Soviet Union, United States, China, Baltika, St Petersburg, Moscow, Melbourne, Bengaluru

☆ Ukraine seeks to lure global firms from Moscow as Danone and Carlsberg assets seized
▼ + stars: | 2023-07-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Alexander Demianchuk | RussiaUkraine is urging global companies to divest from Russia and relocate to its war-stricken neighbor, as Moscow continues to seize the assets of foreign companies. Sergiy Tsivkach is the CEO of UkraineInvest, a government agency tasked with attracting foreign direct investment to Ukraine and promoting the country as a secure long-term investment option for international business. "It is important to show that the aggressor cannot receive any investments or any operations from international companies." 28, 2022 that it would seek a full disposal of its business in Russia, and signed an agreement on Jun. 'Your war investment could be wiped out'Ukraine's allies pledged nearly $60 billion toward the country's recovery and reconstruction at the Ukraine Recovery Conference in London in June.

Persons: Alexander Demianchuk, Vladimir Putin, Danone, Tsivkach, Carlsberg, UkraineInvest, David Roche Organizations: Carlsberg, CNBC, videolink, Yale School of Management, Danone, Baltika Breweries, Danone Russia, Russian Federal Agency, Rosimushchestvo, Mar, Initiative, Conference, Independent, NATO Locations: Carlsberg, St . Petersburg, Russia, Russia Ukraine, Moscow, Russian, Ukraine, Uniper, Kyiv, London

London/Atlanta CNN —Moscow has seized control of the Russian subsidiaries of French yogurt maker Danone and Danish brewer Carlsberg, highlighting risks facing foreign firms that continue to do business in the country. The decision follows a decree Putin signed in April that allows the government to place foreign assets in the country under its temporary control if Russian assets abroad are seized or threatened. At the time, the Russian government took control of utilities owned by German energy company Uniper and Finland’s Fortum Oyj. Baltika is one of the largest consumer goods companies in Russia and employs 8,400 people, according to Carlsberg’s website. Andrey Rudakov/Bloomberg/Getty Images/FileDanone (DANOY) is also in the process of selling its Russian business.

Persons: Vladimir Putin, Baltika, Putin, Russia —, ”, Andrey Rudakov Organizations: London, Atlanta CNN —, Danone, Carlsberg, Russian, Heineken, Nestlé, Unilever, UL, Companies, Baltika Breweries, Breweries, Bloomberg, Getty, Danone Russia Locations: Atlanta, Atlanta CNN — Moscow, Russian, Russia, Ukraine, St . Petersburg

☆ Russia ramps up its economic war with the West as it seizes local operations of 2 corporate giants
▼ + stars: | 2023-07-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Russia escalated its economic war with the West by seizing local operations of Carlsberg and Danone. They marked the second seizures of Western assets since the Kremlin unveiled a decree in April. To slow the exodus of Western firms out of Russia, the Kremlin previously mandated a steep discount for any firms trying to sell their local operations as well as an exit tax. But the recent seizures of Western assets signal a continued escalation in Russia's economic war with the West, which imposed punishing sanctions on Moscow in 2022 for its war on Ukraine. Meanwhile, 523 of the major firms in the study have permanently withdrawn from Russia, while 503 firms have temporarily suspended operations.

Persons: Vladimir Putin, Germany's Uniper, Danone Organizations: Carlsberg, Danone, Kremlin, Service, Russian, Carlsberg Group, Danone Russia, Yale School of Management Locations: Russia, Wall, Silicon, Danish, Moscow, Ukraine

☆ Moscow takes control of Russian subsidiary of Danone and Carlsberg's stake in brewer
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, July 16 (Reuters) - The Russian state has taken control of French yoghurt maker Danone's (DANO.PA) Russian subsidiary along with beer company Carlsberg's (CARLb.CO) stake in a local brewer, according to a decree signed by President Vladimir Putin on Sunday. The decree said that foreign-owned stakes in Danone Russia and Baltika Breweries were being put under the "temporary management" of government property agency Rosimushchestvo. The move comes after the Russian subsidiaries of Germany's Uniper (UN01.DE) and Finland's Fortum (FORTUM.HE) were taken under state control in April. The decree published on Sunday also said that Danish brewer Carlsberg's stake in Russian-based Baltika Breweries had been put under state management. Carlsberg said in June it had signed an agreement to sell its Russian business, subject to regulatory approvals.

Persons: Vladimir Putin, Finland's, Danone, Carlsberg's, Carlsberg, Caleb Davis, Darya, Andrew Osborn Organizations: Sunday, Danone Russia, Baltika Breweries, Danone, Carlsberg, Thomson Locations: MOSCOW, Russian, Russia

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