Russia put two companies owned by Fortum Oyj, the Finnish state-controlled utility, and German utility Uniper SE under temporary state administration in response to asset freezes by the US and its allies.
(Bloomberg) — Russia put two companies owned by Fortum Oyj, the Finnish state-controlled utility, and German utility Uniper SE under temporary state administration in response to asset freezes by the US and its allies.
Russian President Vladimir Putin Tuesday night signed a decree, allowing the government to introduce temporary state control over property or securities, owned by companies or individuals from the so-called “unfriendly” states. The Federal Agency for State Property Management, a division of the finance ministry, will run the temporarily seized assets.
The only two assets listed so far in the addendum to Putin’s seizure decree are Uniper’s 83.7% stake in Unipro PJSC and Fortum’s 98.2% stake in local Fortum PJSC.
The decree introduces external management on a case-by-case basis and so far includes power generation assets of paramount importance, Kommersant cites State Property Management Agency as saying. The list of assets may be broadened if needed, it said.
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