Russia to feed its troops using company seized from US
Russia is planning to feed its troops with food from a seized American company, in a move that threatens to spoil Moscow's improving relations with Washington.
Glavprodukt, a major producer of canned meat and vegetables, was brought under Kremlin control in October as the only US company in Vladimir Putin's hands.
The seizure was ordered to ensure stable production and future supplies to the Russian military, a letter from the company's new Russian management to the prosecutor general's office has revealed.
First reported by Reuters, the document states that Glavprodukt's produce would be sent to the Russian ministry of defence as well as the national guard, a militarised force that reports directly to Putin.
The company is not believed to have produced food for the Russian military while it was under US control.
It comes after Marco Rubio, the US secretary of state, hinted last month that Glavprodukt's seizure would be discussed during negotiations aimed at normalising US-Russia relations.
'There are opportunities to work together, and obviously that's going to entail talking about not just Russian assets that have been seized by the Europeans or the US or what have you, but also American companies that have been hurt,' he said in an interview with Right-wing Breitbart News Network.
Following the seizure in October, the company's assets were confiscated on March 12 following a court order from the prosecutor general's office.
Russian prosecutors accused Leonid Smirnov, Glavprodukt's American owner who fled the Soviet Union in the 1970s, of moving 1.38 billion roubles (£12.8 million) out of Russia from 2022 to 2024.
Mr Smirnov described the accusations as a 'Russian-style corporate raid' and denies any wrongdoing.
The letter seen by Reuters confirmed that Glavprodukt's new Russian director was named at the request of a company called Druzhba Narodov, which formerly supplied food to the national guard.
Mr Smirnov has urged Donald Trump to help save his $200 million business, which is regarded as the Russian equivalent of Heinz.
'We basically have this company being destroyed on a daily basis,' he told the New York Post.
'I am asking president Trump to get involved and save my company, save all other American companies.'
The Moscow-based company, which employs 1,000 people across three factories, began making losses for the first time in its history after it was seized.
Mr Smirnov estimates that it has lost around 30 per cent of its value since it was taken over by the Kremlin.
Roughly a dozen companies have been placed under 'temporary management' by Russia over the past three years, but these have mostly been European.
Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
8 minutes ago
- Bloomberg
Can Trump Really Use National Guard to Quell LA Protests?
By and Jamie Tarabay Updated on Save President Donald Trump's decision to deploy thousands of California National Guard troops and hundreds of active-duty Marines to Los Angeles amid protests against immigration raids marks a sharp departure from the usual federal response to domestic unrest. The president's move to stop what he called 'migrant riots' has been condemned as inflammatory and unnecessary by local officials, including Los Angeles Mayor Karen Bass and California Governor Gavin Newsom, who would normally be the ones to request such a mobilization.
New York Post
9 minutes ago
- New York Post
Kurt Russell and Goldie Hawn's son Wyatt addresses claim he was viral protester scolding National Guardsmen during LA riots
Actor Wyatt Russell, son of Hollywood legends Kurt Russell and Goldie Hawn, has cleared the air after he was mistakenly identified as a man scolding law enforcement during the anti-ICE protests in Los Angeles in a viral video. The video showed a bearded protester, who has a fleeting resemblance to Wyatt Russell, donning a black sweatshirt and baseball cap and shouting at National Guardsmen standing post. The protester can be heard telling the guardsmen that they were on 'the wrong side of history' in the clip that went viral on X on Monday. 'Your assault rifles and your sticks? You should be standing here with us,' the man is heard yelling. 5 Wyatt Russell attends the New York Special Screening of 'Thunderbolts' hosted by The Cinema Society at iPic Theater on April 30, 2025 in New York City. Getty Images for Disney 'We know you got a job to do, but you took an oath to the Constitution, not to the fascists in the White House. Think about what you're doing now. Think about what this means.' Rumors started spreading like wildfire across the social media platform that the man in the footage was actually the '22 Jump Street' star. However, a spokesperson for the 38-year-old actor quickly put to rest any doubt that he was the man in the video. 'This is indeed NOT Wyatt Russell, and we have been working to try and correct the mis-identification,' the spokesperson told the Independent. The protester in the viral clip was actually Aaron Fisher, a former Ohio House Democratic Caucus staffer and now a partner at Statecraft Media — who said he got a kick out of being mistaken for his Hollywood doppelganger. 5 Wyatt Russell with his mom, actress Goldie Hawn. Shutterstock 5 Kurt Russell, Goldie Hawn and Wyatt Russell at 'The Hateful Eight' film premiere, in Los Angeles, on Dec. 7, 2015. Matt Baron/Shutterstock 'I found the mixup to be pretty humorous, and glad it helped to amplify the message,' Fisher told Entertainment Weekly. 'The proliferation of the words themselves, and the movement behind it, is what matters most.' Fisher then used the moment to bash the deployment of the National Guard in California to help control the violent ICE riots suffocating Los Angeles. 'The deployment of the National Guard against the wishes of our Governor is dangerously un-American, and I will continue to peacefully protest in my community,' he said. 5 Severe disorder takes place in downtown Los Angeles as hundreds of law enforcement officers and the National Guard try to keep order. Toby Canham for NY Post The city has been in turmoil since protests-turned-riots erupted as US Immigration and Customs Enforcement agents raided numerous workplaces and hauled off suspected illegal immigrants. The Trump administration has deployed 4,000 National Guard members to maintain order and help protect federal personnel and property. US Defense Secretary Pete Hegseth has also ordered 700 Marines to Los Angeles to support the National Guard troops on the ground, as well as local authorities. 5 Vehicles are seen being torched during the Los Angeles anti-ICE riots. Toby Canham for NY Post Los Angeles Mayor Karen Bass announced that a curfew will go into effect in parts of downtown Los Angeles on Tuesday after five straight days of riots, looting, violent clashes with police, and more than 150 arrests. While it was confirmed that Russell wasn't the protester in the viral video, other celebrities have not shied away from throwing their support behind the anti-ICE riots. Actor Mark Ruffalo posted a lengthy message on Instagram condemning the ICE raids as things began to reach a boiling point in the city between protesters and law enforcement. 'When you have working class people going after the poor and other working class people you know you are living in an oligarchy,' Ruffalo captioned the post.
Yahoo
10 minutes ago
- Yahoo
Why Evonik Industries AG (ETR:EVK) Could Be Worth Watching
Let's talk about the popular Evonik Industries AG (ETR:EVK). The company's shares received a lot of attention from a substantial price movement on the XTRA over the last few months, increasing to €22.25 at one point, and dropping to the lows of €17.81. Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price. A question to answer is whether Evonik Industries' current trading price of €19.38 reflective of the actual value of the large-cap? Or is it currently undervalued, providing us with the opportunity to buy? Let's take a look at Evonik Industries's outlook and value based on the most recent financial data to see if there are any catalysts for a price change. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. Evonik Industries appears to be expensive according to our price multiple model, which makes a comparison between the company's price-to-earnings ratio and the industry average. In this instance, we've used the price-to-earnings (PE) ratio given that there is not enough information to reliably forecast the stock's cash flows. We find that Evonik Industries's ratio of 30.2x is above its peer average of 21.56x, which suggests the stock is trading at a higher price compared to the Chemicals industry. In addition to this, it seems like Evonik Industries's share price is quite stable, which could mean two things: firstly, it may take the share price a while to fall back down to an attractive buying range, and secondly, there may be less chances to buy low in the future once it reaches that value. This is because the stock is less volatile than the wider market given its low beta. View our latest analysis for Evonik Industries Investors looking for growth in their portfolio may want to consider the prospects of a company before buying its shares. Buying a great company with a robust outlook at a cheap price is always a good investment, so let's also take a look at the company's future expectations. With profit expected to more than double over the next couple of years, the future seems bright for Evonik Industries. It looks like higher cash flow is on the cards for the stock, which should feed into a higher share valuation. Are you a shareholder? It seems like the market has well and truly priced in EVK's positive outlook, with shares trading above industry price multiples. However, this brings up another question – is now the right time to sell? If you believe EVK should trade below its current price, selling high and buying it back up again when its price falls towards the industry PE ratio can be profitable. But before you make this decision, take a look at whether its fundamentals have changed. Are you a potential investor? If you've been keeping an eye on EVK for a while, now may not be the best time to enter into the stock. The price has surpassed its industry peers, which means it is likely that there is no more upside from mispricing. However, the positive outlook is encouraging for EVK, which means it's worth diving deeper into other factors in order to take advantage of the next price drop. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. While conducting our analysis, we found that Evonik Industries has 2 warning signs and it would be unwise to ignore them. If you are no longer interested in Evonik Industries, you can use our free platform to see our list of over 50 other stocks with a high growth potential. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
