Russia Takes Ownership of French Yogurt Maker's Russian Subsidiary

Russian President Vladimir Putin ordered on July 16 that foreign ownership of the Russian subsidiary of French dairy products maker Danone be transferred to the temporary administration of the Federal Agency for State Property Management. The move was made under a presidential decree issued in April in response to sanctions imposed on Russia and allowing the Russian government to place property belonging to individuals and entities from "unfriendly" nations into government administration (see 2304270017). Russia previously seized Carlsberg Sverige Aktiebolag's 98.56% share holding of Baltika Breweries, Hoppy Union's 1.35% ownership of the breweries and Carlsberg Deutschland's 0.09% ownership.