Japan protests Russia's temporary takeover of Japanese assets in Russia
Quick Look
- In response to the decree signed by Russian President Vladimir Putin to temporarily take over the assets of Japan Tobacco Company in Russia, the Japanese Ministry of Foreign Affairs lodged a protest with the Russian Ambassador to Japan and requested that Russia revoke the decision.
- Japan Tobacco, whose business in Russia accounts for about 10% of its total sales, is evaluating countermeasures.
AI-generated summary
Why It Matters
Russian President Vladimir Putin signed a presidential decree to temporarily take over the assets of Japan Tobacco Company in Russia. Japan Tobacco Company has four production bases in Russia, with a market share of approximately 37%.
China News Service, Tokyo, November 6 (Reporter Zhu Chenxi) According to Japan's Kyodo News Agency reported on the 6th, in response to Russia's temporary takeover of Japan Tobacco Company's assets in Russia, Hitoshi Nakamura, Director of the European Bureau of the Japanese Ministry of Foreign Affairs, protested to Russian Ambassador to Japan Nozdryov on the same day, asking Russia to revoke the decision.
According to the Japan Broadcasting Association, Japan Tobacco Company stated on the 6th that it is conducting a careful assessment of the current situation and possible future response measures.
According to Russian media reports on the 5th, Russian President Vladimir Putin signed a presidential decree on the same day to temporarily take over the assets of Japan Tobacco Company in Russia. According to reports, according to the presidential decree, the equity interests involved in Japan Tobacco's production business in Russia have been temporarily taken over by Russia.
According to the "Nihon Keizai Shimbun" report, Russia is one of Japan Tobacco's main markets. Japan Tobacco's sales in Russia account for about 10% of total sales.
Information released by Japan Tobacco Company shows that its subsidiary Japan Tobacco International has been operating in Russia since 1999 and currently has 4 production bases in Russia. In 2025, the company's share of the Russian tobacco market will be approximately 37%.
Open Questions
- What specific response measures will Japan Tobacco take?
- What are the subsequent legal procedures for Russia to take over the assets?
