Putin places European firms' Russian assets under temporary control ahead of Zelenskyy EU summit
President Vladimir Putin signed a decree putting the Russian holdings of several French, German, Swedish and Dutch companies under temporary management, as EU-Russia relations worsen.
On Thursday, President Vladimir Putin issued a decree that places the Russian subsidiaries of four European firms—France's Tarkett, Germany's Menshen, Sweden's Sverige International Holdings and the Netherlands' Sonoco—under temporary state management. The action mirrors a previous decree targeting food giant Nestle and retailers Auchan and Metro. Kremlin officials framed the measure as a retaliation against EU nations for their involvement in the Ukraine conflict and emphasized that it is reversible.
The timing aligns with Ukrainian President Volodymyr Zelenskiy's scheduled appearance at an EU summit, where discussions about possible U.S. control of frozen Russian assets are expected. Analysts view the step as part of a broader pattern of economic pressure as diplomatic ties hit a new low. The affected companies operate in sectors ranging from flooring to packaging, highlighting the wide reach of the sanctions. The decree underscores the escalating tit-for-tat between Moscow and the European bloc.
Why it matters
It shows Russia escalating economic retaliation against Europe as diplomatic tensions over Ukraine intensify.
How this story developed
- Sep 17 Humanitarian collapse grips Russian-occupied Oleshky as food, medicine and evacuations halt
- Sep 25 A Ukrainian artilleryman’s wife and their two daughters live in Boryspil while he serves on the front in Donetsk, facing both battlefield danger and increasing missile attacks on their city.
- Sep 26 Russia has refused ICRC‑facilitated evacuations for Oleshky residents.
- Sep 28 The last ground convoy reached Oleshky on May 26, and no further deliveries have been reported.
- Oct 11 Recent Russian drone and missile raids have struck apartments near the family’s home in Boryspil.
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