Russian asset seizures raise concern among Japanese firms still operating there
More than 200 Japanese companies operating in Russia face greater uncertainty after Moscow transferred the assets of Nestlé, Auchan and Lemana Pro to a Russian entity. The Kremlin described the affected countries as unfriendly. The South China Morning Post reports worsening diplomatic relations but gives no details of Japanese companies’ individual responses.
More than 200 Japanese companies still operating in Russia face growing uncertainty following Moscow’s seizure of assets belonging to three Western firms, the South China Morning Post reports. The Kremlin said the assets of Swiss food company Nestlé, French retailer Auchan and home-improvement chain Lemana Pro had been transferred to the Russian entity LEV Management. The transfer followed a decree signed by President Vladimir Putin, according to the report.
Kremlin spokesman Dmitry Peskov described the countries involved as “unfriendly nations”. The move comes amid deteriorating relations between Russia and Japan and other Western countries. The available material does not say whether Japanese companies have been targeted or whether any are preparing to leave.
It does, however, indicate that the seizures have increased concern among firms continuing to operate in Russia. No financial valuation or further legal explanation of the transfers was provided.
This independently written report is based on information supplied by the named publisher. Vertrix News has not independently verified the source report.