Putin Orders Seizure of US Packaging Maker’s Russian Plant

Source: TASS

Putin Orders Seizure of US Packaging Maker’s Russian Plant

Russia's President Vladimir Putin signed an executive order Monday placing the Russian subsidiary of Illinois-based packaging manufacturer AptarGroup under temporary government control.

Aptar Vladimir, owned by Aptar Europe Holding, was transferred to H&N (Health & Nutrition) under the order. H&N previously took control of the Russian assets of French dairy giant Danone after the Kremlin seized them under a similar executive order in 2023, The Caspian Post reports, citing The Moscow Times.

Aptar is at least the fifth major Western company targeted by the Kremlin in less than a week. Last Thursday, Putin placed the Russian operations of French supermarket chain Auchan, Swiss food giant Nestlé, home improvement retailer Lemana PRO, formerly Leroy Merlin, and French logistics companies FM Logistics and Bati Logistics under the control of L.E.V. Management, a little-known Russian firm.

The newspaper Kommersant estimated the value of those previously seized assets at at least 600 billion rubles ($7.14 billion).

Russia has defended the expropriations as retaliation for what it calls “unfriendly” actions by Western countries that imposed sanctions over the invasion of Ukraine.

Monday’s decree also came after US President Donald Trump signed a sweeping sanctions bill into law allowing him to impose punitive tariffs on countries that purchase Russian oil and gas. However, it was not immediately clear whether the seizure of Aptar Vladimir was a response to the new sanctions legislation.

Russia has seized the assets of at least 30 foreign companies since 2022, including Carlsberg, Fortum, Uniper, Ariston, Bosch and AB.

The Kyiv School of Economics Institute estimates that the pre-takeover value of seized foreign assets stood at $74 billion, while total losses incurred by foreign companies leaving Russia reached $170 billion through write-offs, court rulings and exit taxes.

In August, Putin signed an executive order allowing the government to take control of strategically important facilities if their owners fail to protect them from Ukrainian attacks or promptly repair damage caused by strikes.

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Putin Orders Seizure of US Packaging Maker’s Russian Plant

Russia's President Vladimir Putin signed an executive order Monday placing the Russian subsidiary of Illinois-based packaging manufacturer AptarGroup under temporary government control.