Moscow
\nPresident Vladimir Putin signed a decree Tuesday authorizing temporary control over foreign companies\u2019 Russia-based assets. The move marks Russia\u2019s latest retaliation to the freezing of its assets abroad over the invasion of Ukraine.
\nPutin\u2019s decree lists the Russian divisions of the German energy giant Uniper and Finland\u2019s Fortum whose shares had already been taken over by Moscow. Together they control more than 10 thermal power plants across Russia, including the country\u2019s largest gas-fired station, Surgut-2.
\nTemporary administration of the seized assets will be handled by Russia\u2019s Federal Agency for State Property Management, Rosimushchestvo, according to the text. Putin\u2019s decree describes state takeovers as \u201curgent action in response to the unfriendly and contrary to international law actions of the United States and its foreign associates.\u201d
\nFinnish utility Fortum said Wednesday that the CEO of its Russian subsidiary PAO Fortum had been replaced, which it called confirmation that the company had been seized by Moscow.
\nFortum said it \u201cconsidered the appointment of the new CEO to be confirmation that the new Presidential decree is being enacted and Fortum\u2019s subsidiary has been put under temporary asset management.\u201d
\nThe Kremlin said that Putin\u2019s decree will be applied on a case-by-case basis and is not tantamount to expropriation.
\n\u201cIf necessary, the list of companies could be expanded. The aim of the decree is to create a compensation fund for the possible adoption of retaliatory measures against the illegal expropriation of Russian assets abroad,\u201d Kremlin spokesman Dmitry Peskov told reporters Wednesday.
\nThe U.S. and its allies have blocked or seized over $350 billion of state and personal assets as part of Western sanctions for Russia\u2019s invasion of Ukraine 14 months ago.
\nHundreds of Western companies have either fully exited or scaled back operations in Russia since Moscow launched the full-scale offensive.
\nU.S. and European officials have signaled in recent months that frozen Russian assets should go toward Ukraine\u2019s post-war reconstruction.<\/p>\n","protected":false},"excerpt":{"rendered":"
Moscow President Vladimir Putin signed a decree Tuesday authorizing temporary control over foreign companies\u2019 Russia-based assets. The move marks Russia\u2019s latest retaliation to the freezing of its assets abroad over the invasion of Ukraine. Putin\u2019s decree lists the Russian divisions of the German energy giant Uniper and Finland\u2019s Fortum whose shares had already been taken […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-327706","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-world"},"yoast_head":"\n