Source: Wall Street Journal

Russia has unexpectedly seized the local operations of Carlsberg and
Danone, two of the world’s largest consumer-goods companies, in a move
that escalates economic hostilities with the West.

In a decree signed by President Vladimir Putin on Sunday, Russia placed
Danone and Carlsberg’s local operations under temporary management,
putting them under the control of the federal state property management
agency, Rosimushchestvo.

The move is the second time Russia has seized Western assets in the
country since the Kremlin unveiled a decree in April that allows the
state to take temporary control of assets of companies or individuals
from what Moscow calls “unfriendly” states. Russian officials have said that the seizures are in retaliation for similar moves by Western
countries. In April, Russia took control of utilities owned by Germany’s Uniper and Finland’s Fortum.

The decree set up new hurdles for foreign companies trying to exit from
the country, marking a step up in the economic battle that is taking
place in parallel with the kinetic war being fought on the battlefields
of Ukraine.

Many Western companies have struggled to wind up their operations in
Russia and the latest asset seizures serve as a warning shot to those
still looking to exit. Companies that said they would depart last year
have been struggling to find buyers and, when they do, to close deals in
part because of sanctions. Now there is another hurdle: the prospect of businesses being seized.

Read more: https://www.wsj.com/articles/russia-steps-up-economic-war-with- west-seizing-assets-of-big-conglomerates-e592f137? st=aw3r79z102yit10&reflink=desktopwebshare_permalink

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