Russia Places More European Companies Under Temporary Management Ahead of EU Summit

Russia has moved to place the local assets of four European companies under temporary management, according to a decree signed by President Vladimir Putin, as tensions between Moscow and the European Union escalate over the bloc’s support for Ukraine.

The decree, issued on Thursday, names French flooring manufacturer Tarkett, German packaging company Menshen, Swedish packaging firm Sverige International Holdings and Dutch packaging company Sonoco.

The move follows a similar action last month targeting Swiss food giant Nestlé and French retailers Auchan and Metro, further intensifying concerns over the exposure of European businesses operating in Russia.

The Kremlin has described the temporary management measures as a response to European countries’ involvement in the war in Ukraine, maintaining that the arrangements are reversible.

The latest action comes ahead of Ukrainian President Volodymyr Zelenskiy’s appearance at an EU summit on Friday. It also coincides with reports that the United States could seek control over certain Russian assets frozen in Europe.

The developments underscore deteriorating relations between Russia and European governments, with foreign-owned businesses increasingly caught in the broader economic and geopolitical confrontation.

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