Russia Takes Over Assets of US-owned Food Giant
A temporary state control has been established over the canned food producer Glavproduct, which is owned by the US-registered Universal Beverage. Read Full Article at RT.com
TroibNews 
Glavproduct has been placed under temporary state control by presidential decree.
The Russian operations of a major U.S.-owned food manufacturer have been temporarily nationalized, as per a decree signed by President Vladimir Putin on Tuesday.
The decree entails the seizure of the holding company Glavproduct, several of its subsidiaries, and three canning plants, which were transferred to the control of the Russian Federal Property Management Agency, Rosimushchestvo. Furthermore, Glavproduct’s parent company, Promselkhozinvest, owned by the U.S.-registered Universal Beverage Company, will also come under government control.
Founded in 1999 by Leonid Smirnov, a Russian-born U.S. businessman who emigrated from the Soviet Union in the 1970s and returned to Russia in the 1990s to explore new market opportunities, Glavproduct began producing canned goods under its brand through Universal Beverage Company, according to the news outlet RBC.
According to Glavproduct’s official website, it is recognized as Russia’s leading canned food producer, offering over 500 brands of canned meat, condensed milk, and canned fish and vegetables.
In April 2023, Putin signed a decree facilitating the temporary takeover of assets belonging to foreign companies operating in Russia that are from “unfriendly” nations.
At that time, Rosimushchestvo was instructed to establish external control over the Russian subsidiaries of Finnish energy company Fortum and Germany’s Uniper, both considered vital for the country’s energy security.
The Kremlin stated that the nationalization reflects “the attitude of Western states towards foreign assets belonging to Russian companies.”
In July 2023, Russia also temporarily nationalized the local operations of French food giant Danone, along with Baltika Breweries, which is owned by Denmark’s Carlsberg Group.
Subsequently, Danone’s local business was removed from temporary state management.
Debra A Smith for TROIB News
The Russian operations of a major U.S.-owned food manufacturer have been temporarily nationalized, as per a decree signed by President Vladimir Putin on Tuesday.
The decree entails the seizure of the holding company Glavproduct, several of its subsidiaries, and three canning plants, which were transferred to the control of the Russian Federal Property Management Agency, Rosimushchestvo. Furthermore, Glavproduct’s parent company, Promselkhozinvest, owned by the U.S.-registered Universal Beverage Company, will also come under government control.
Founded in 1999 by Leonid Smirnov, a Russian-born U.S. businessman who emigrated from the Soviet Union in the 1970s and returned to Russia in the 1990s to explore new market opportunities, Glavproduct began producing canned goods under its brand through Universal Beverage Company, according to the news outlet RBC.
According to Glavproduct’s official website, it is recognized as Russia’s leading canned food producer, offering over 500 brands of canned meat, condensed milk, and canned fish and vegetables.
In April 2023, Putin signed a decree facilitating the temporary takeover of assets belonging to foreign companies operating in Russia that are from “unfriendly” nations.
At that time, Rosimushchestvo was instructed to establish external control over the Russian subsidiaries of Finnish energy company Fortum and Germany’s Uniper, both considered vital for the country’s energy security.
The Kremlin stated that the nationalization reflects “the attitude of Western states towards foreign assets belonging to Russian companies.”
In July 2023, Russia also temporarily nationalized the local operations of French food giant Danone, along with Baltika Breweries, which is owned by Denmark’s Carlsberg Group.
Subsequently, Danone’s local business was removed from temporary state management.
Debra A Smith for TROIB News
