Vladimir Putin Seizes Assets of Four European Companies
Vladimir Putin signed a decree seizing Russian assets of European firms from France, Germany, Sweden, and Belgium in retaliation for their support of Ukraine.
President Vladimir Putin signed a decree seizing the Russian assets of four European companies: Tarkett of France, Menshen of Germany, Sverige International Holdings of Sweden, and Ontex of Belgium. The decree also targets the Russian assets of the Dutch unit of Sonoco, a U.S. packaging group that acquired the European business Eviosys.
The Kremlin described the seizures as retaliation for European support of Ukraine and the "illegal expropriations of Russian property," specifically citing the EU's freezing of approximately €210 billion in Russian sovereign assets. While the Kremlin characterized the measures as reversible, Putin acknowledged the move carries "certain downsides" and urged the new administrators to utilize domestic financing to avoid global market risks.
Temporary administration of the properties has been transferred to previously unknown Russian companies. The affected firms, including Ontex and Tarkett, are currently assessing the operational impact. This action follows previous seizures of assets belonging to Nestle, Auchan, and Metro, and coincides with an EU summit where leaders are meeting with President Volodymyr Zelenskiy.
