A newly published decree targets Japan Tobacco International by transferring its stakes across four local enterprises directly to Industrial Assets. While the document omitted an official justification, the Kremlin routinely justifies such management takeovers by citing foreign support for Ukraine and retaliation against unfriendly governments. Relations between the two nations have sharply deteriorated following a Japanese firm's drone sale to Kyiv and the detention of a Japanese journalist on Sakhalin island.
Key points
Foreign enterprises based in countries deemed hostile by Moscow face an increasing risk o…: Foreign enterprises based in countries deemed hostile by Moscow face an increasing risk of state-directed asset seizures.
The targeting of JTI signals mounting diplomatic retaliation against Japan following bila…: The targeting of JTI signals mounting diplomatic retaliation against Japan following bilateral friction over drone sales to Ukraine.
Moscow continues to link commercial asset seizures directly to international backing for…: Moscow continues to link commercial asset seizures directly to international backing for Ukraine and foreign expropriations of Russian property.
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MOSCOW, Nov 5 : Russian President Vladimir Putin has placed the Russian assets of Japan Tobacco International under temporary administration, a decree showed on Thursday, making it the latest foreign company to lose control of its local operations in a widening Kremlin crackdown.
The decree placed JTI’s stakes in four businesses in Russia under the management of Russian company Industrial Assets. It did not provide a reason, but the Kremlin has linked similar moves in the past to the behaviour of what it designates "hostile countries."
JTI, part of Japan Tobacco Inc., describes itself as Russia’s biggest tobacco manufacturer by sales volume. It did not immediately respond to a request for comment.
The decree follows Russia's decision to place the assets of Swiss food giant Nestle, German wholesaler Metro AG, and French retailer Auchan under temporary management in September. Moscow took control of the Russian assets of four more European companies in October, citing European countries’ support for Ukraine and what it called illegal expropriations of Russian property.
In October, Russia's Foreign Ministry said that it considered a drone sale…
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