Putin transferred the Ulyanovsk Machine Tool Plant to the management of the Federal Property Management Agency
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President Vladimir Putin signed order, transferring to the Federal Property Management Agency for temporary management 100% of the shares of Ulyanovsk Machine Tool Plant LLC. The plant belonged to the German subsidiary of DMG MORI – Seiki Gildemeister Beteiligungen. It produced a wide range of turning and milling machines.
The Ulyanovsk Machine Tool Plant was put into operation in 2015. The investment agreement on the construction of the plant was signed in November 2011; the total investment volume of the Japanese-German machine tool holding DMG MORI amounted to 4.5 billion rubles. On 14 March 2022, DMG MORI announced that “all business activities of the company in Russia have been suspended” in response to the Russian military operation in Ukraine.
Also today Vladimir Putin ordered provide Expobank with the right to buy a 100% stake in the authorized capital of the Russian subsidiary of the British banking group HSBC – HSBC Bank. HSBC signed an agreement to sell 100% of its Russian business to Expobank in July 2022. HSBC said that completion of the deal would mean the group’s final exit from Russia.
EU countries previously stated that they intend to impose sanctions against Russian individuals who receive assets of European companies in the Russian Federation as a result of forced seizure. Now in the Russian Federation, in particular, the shares of Unipro, Fortum, Danone Russia and Baltika are under the external management of the Federal Property Management Agency.
Read more in the Kommersant article. “With open arms”.
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