Putin transferred the foreign shares of Danone and Baltika to the temporary administration of Russia

Russian President Vladimir Putin signed a decree according to which the shares in the Russian subsidiary of Danone and the Baltika brewing company, owned by foreign companies, are transferred to the temporary administration of Russia. The corresponding document is published on the official portal of legal acts.

Decree are made changes “to the list of movable and immovable property, securities, shares in the authorized (share) capital of Russian legal entities and property rights, in respect of which temporary management is introduced”, follows from the document.

According to the decree, 98.56% of the shares of Baltika, owned by Carlsberg sverige aktiebolag, and 1.35% of the shares of the enterprise, owned by Hoppy Union, are transferred to the temporary administration of the Federal Property Management Agency. Carlsberg Deutschland is also losing its 0.09% stake in Baltika. The Federal Property Management Agency also receives 83,000 and 85,000 Danone Russia shares owned by Produits Laitiers Frais Est Europe and Danone Trade.

On April 25, Putin signed a decree that allows the introduction of temporary management of foreign assets. This regime is activated in the event that Russia, Russian legal entities or individuals are deprived of the right to own property on the territory of foreign states, as well as in the event of a threat to the national, economic, energy and other security of the country. The decree provides a short list of the first foreign assets that, as a response to the seizure of Russian assets abroad, are transferred to the temporary administration of the Federal Property Management Agency. Then it was about 83.73% of the shares of the energy company Unipro (owned by the German Uniper) and 98% of the shares of the energy company Fortum (owned by the Finnish Fortum).