Russia Takes Control Of Agricultural Holding Backed By US Firm
Russia seized control of assets of agricultural holding company AgroTerra under a decree aimed at companies from “unfriendly” countries.
(Bloomberg) -- Russia seized control of assets of agricultural holding company AgroTerra under a decree aimed at companies from “unfriendly” countries.
President Vladimir Putin signed a decree to transfer the assets to the Federal Property Management Agency for “temporary management,” according to the order, which was published on Monday.
AgroTerra Group is one of the top 20 companies in Russia by area of cultivated land, operating 19 elevators and 24 farms in seven regions, according to its website. Listed under the agribusinesses of NCH Capital Inc., it was founded in 2008, according to the website of the New York-based firm. Representatives didn’t immediately respond to emailed and phone requests for comment.
Putin signed a decree in April last year that allows temporary state control over the assets of companies or individuals from unfriendly states. Russia seized control of the local unit of Denmark’s Carlsberg A/S, as well as companies owned by Finland’s Fortum Oyj and Germany’s Uniper SE.
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