Russia has moved to place local assets of French, German, Swedish and Dutch 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, Reuters reported.
Thursday's decree listed assets belonging to French flooring maker Tarkett, German packaging maker Menshen, Swedish packaging maker Sverige International Holdings and Dutch packaging maker Sonoco, according to Reuters. A Ukrainian outlet, UNN, reported that the decree transferred Tarkett's Russian plants to the management of a Russian company and covered other foreign firms as well.
The move follows a similar step last month against food giant Nestle and retailers Auchan and Metro. The Kremlin said the measure was a response to EU nations' role in the war and stressed it was reversible. Russia has used a 2023 decree to place assets of companies from so-called unfriendly states under temporary administration.
The latest move came ahead of Ukrainian President Volodymyr Zelenskyy's appearance at an EU summit on Friday, amid reports that the United States could seek control of some Russian assets frozen in Europe. The seizures have raised the stakes for European firms still operating in Russia, whose assets could become leverage in the wider dispute over frozen Russian funds and support for Ukraine.