Putin “nationalized” Russia’s largest car dealer
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The President of the Russian Federation, Vladimir Putin, by his decree transferred the shares of one of the largest car dealers in Russia, “Rolf”, 100% of which belongs to the Cypriot company Delance Ltd., to the administration of Rosimushchestvo.
This was reported by the Russian opposition publication “Vazhnye istorii”.
According to the publication, in September, the former top manager of the company, Anatoliy Cairo, was sentenced to eight and a half years in prison in the case of taking almost 4 billion rubles abroad.
The founder of the car dealer, Serhii Petrov, who was declared an international wanted man, linked his persecution with the raiding of the business.
In April 2023, Putin signed a decree that allows the Russian authorities to take “temporary management” of the assets of foreign companies in Russia. These are companies from so-called “unfriendly” countries, to which the Russian authorities include all EU countries, including Cyprus, as well as the USA, Canada, Australia and other states that have imposed sanctions on Russia.
This is not the first case of “nationalization” of business by Putin’s decree – in particular, earlier he transferred to the management of Rosimushchestvo the shares of foreigners in “Baltytsia” (owned by Carlsberg Group) and the “daughter” of Danone, as well as the Russian assets of the Finnish concern Fortum – before that, the companies announced the sale of their assets in the Russian Federation.
Simultaneously “Rolf” is the first case when a company whose beneficiary is a Russian businessman is put into “temporary management”, Meduza adds.
Later, the media reported that the Baltika and Danone plants in Russia were transferred to Putin’s friend and nephew Kadyrov.
The day before, the NYT reported that Putin managed to turn the withdrawal of Western companies from the Russian market into a “golden bottom” – if companies want to leave the Russian Federation, he sets conditions “that are beneficial to his government, his elites and his war.”
According to the newspaper, the Kremlin received 1.25 billion dollars after the withdrawal of Western companies from the Russian Federation.
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