Putin allowed to transfer foreign assets to temporary management in case of seizure of Russian assets abroad

Russian President Vladimir Putin signed a decree on retaliatory measures in case of seizure of Russian assets abroad. The document provides for the introduction of temporary management of the property of companies associated with foreign countries in the event of blocking Russian assets in these countries. The decree was published on the official Internet portal legal information.

According to the document, 83.73% of the shares of the Russian Unipro (owned by the German concern Uniper) and 98% of the shares of Fortum (owned by the Finnish Fortum) are transferred under the temporary management of the Federal Property Management Agency. Temporary management of assets of unfriendly countries, follows from the decree, may be terminated by decision of the President of Russia.

The interim manager exercises the powers of the owner, and can also conduct an inventory of the property and ensure its safety. The costs associated with interim management are financed from income from its use.

Lusine Balasyan