Putin Returns Russian Unit to Ariston After Lobbying From Italy
(Bloomberg) -- Russian President Vladimir Putin signed an order to cancel the temporary management of Ariston Holding NV's local unit following lobbying by the government in Italy.
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The Italian white goods and heating firm said it was 'very pleased' by the decision to reinstate Ariston Group as the owner and manager of its Russian subsidiary. 'We intend to resume activities with our Russian local leadership, adhering fully to existing sanctions, and continue our legacy in the country,' Executive Chairman Paolo Merloni said.
Putin transferred temporary control of the company's Russian subsidiary to state-owned Gazprom PJSC's appliance unit in April last year. That was done under a 2023 order that allowed for the takeover of assets of companies or individuals from 'unfriendly' states in response to similar moves, or the threat of them, following sanctions imposed over Russia's invasion of Ukraine.
With the US weighing a potential easing of some sanctions as part of efforts to bring Russia to the negotiating table to end the war, it's unclear if the Kremlin may allow other foreign companies to regain control of their local subsidiaries.
The Foreign Ministry in Rome said it conducted 'extensive work,' including with Italian and European business associations active in Russia, to ensure the 'Ariston case was resolved correctly.' The Italian foreign minister summoned Russia's ambassador for an explanation after the unit was seized initially.
The Kremlin has used the presidential order to seize control of a number of Russian subsidiaries of foreign businesses, including French yogurt maker Danone SA, Denmark's Carlsberg A/S and utilities owned by Finland's Fortum Oyj and Germany's Uniper SE.
Many of the companies whose assets were seized had been trying to exit Russia in the wake of the February 2022 invasion and the sweeping sanctions imposed by the US and its European allies. Some later regained control of the subsidiaries ahead of sales to Kremlin-approved buyers.
Ariston generated about €100 million ($107 million) of revenue in Russia in 2023 and its assets in the country include a water heating manufacturing facility located outside St. Petersburg.
--With assistance from Donato Paolo Mancini.
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