Putin Transfers Air Liquide's Russian Assets to M-Logistics in transfer of ownership
In a move to protect against the actions of unfriendly countries, Russian President Vladimir Putin has transferred the stake of Finnish energy company Fortum in AO "Chelyabenergoremont" to Rosimushchestvo, the Federal State Unitary Enterprise for the Management of Federal Ownership of Immovable Assets. The transfer was made in August 2022.
Fortum is the sole owner of AO "Chelyabenergoremont", a company whose nature and operations have not been further detailed in this report.
The transfer of Fortum's stake in AO "Chelyabenergoremont" is not the only asset change involving a foreign company in Russia. In 2005, French chemical company Air Liquide established LLC "Er Likid" as its Russian subsidiary for the supply of industrial gases. However, in September 2022, Air Liquide announced its exit from Russian projects and ceased operations in Russia.
Prior to this announcement, Air Liquide held 100% shares of several LLCs, including Sever Likid Gaz, Er Likid, Er Likid Alabuga, Er Likid Balakovo, Er Likid Kstovo, Er Likid Kuzbass, Er Likid Lipetsk, and Er Likid Ryazan. These stakes were later transferred to "M-Logistics".
Air Liquide, which has been operating in Russia since 1989, also transferred 523,500 shares of Air Liquide Russie in AO "Logika" and 555,000 shares in AO "Er Likid Severstal" to unspecified entities. However, no new transfers involving Air Liquide have been reported since the company's exit announcement.
This report focuses on the transfer of Fortum's stake in AO "Chelyabenergoremont" to Rosimushchestvo and does not contain any new information about Vladimir Putin's actions or policies beyond this transfer.
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