The Kremlin announced. Assets of four EU countries were transferred to Russian trustees

In retaliation for war support given to Ukraine, Russia seized the assets of four companies based in France, Germany, Sweden and Belgium.

The step, which came into force with the decree signed by President Vladimir Putin, directly targets the capital of European Union member countries.

According to Reuters agency and Kommersant newspaper, the decree included French flooring manufacturer Tarkett, German packaging company Menshen, Swedish packaging manufacturer Sverige International Holdings and Belgian hygiene products company Ontex.

The list also includes the Russian assets of former European metal packaging business Eviosys, which was acquired by US packaging group Sonoco in December 2024.

The document stated that these assets belonged to Sonoco's Dutch unit.

Explaining the reason for the decision, Kremlin Spokesperson Dmitry Peskov said, "Countries of origin were one of the factors taken into account when making the decision." Peskov said these countries were involved in illegal seizures of Russian property.

Russian companies, little known to the public, were appointed as trustees for the properties of European companies. Moscow took a similar step last month against food giant Nestle and retailers Auchan and Metro.

The Kremlin explained that these measures corresponded to the direct involvement of EU countries in the conflicts on the ground, but that the process could be reversed.

Addressing representatives of the Russian business world just before the decree was published, Putin acknowledged, without giving details, that there were some negative aspects of seizing the assets of Western companies.

Putin called on Russian businesses that took over the management to turn to domestic financing opportunities instead of external sources.

In his speech, Putin reminded the deep effects of the 2008 global financial crisis on the Russian economy and touched upon the risks of excessive exposure to global markets.

Putin argued that foreign countries only pursue their own interests through investments.

The decision came simultaneously with a summit where EU leaders gathered around Ukrainian President Volodymyr Zelenskiy.

This meeting coincides with a period of increasing concerns that the United States may reduce its intelligence sharing and weapons support to the Kiev administration.

On the other hand, there were reports that the USA may demand control of some Russian assets frozen in Europe as part of its attempts to encourage Russia into negotiations with Ukraine.

Moscow, on the other hand, continues its reaction to the EU administration, which froze its sovereign assets worth approximately 210 billion euros due to the war and targeted the properties of Russian companies in Europe and other Western countries.