Russia seizes three more assets of JTI

Russian President Vladimir Putin transferred three more companies of the Japanese tobacco company Japan Tobacco International (JTI) in Russia to the temporary management of the Russian company called "Promışlenniye Aktivı".

According to the decree published on Russia's official legal information portal, all capital shares of companies named "Pereslavl-Tabak", "JTI Innovation Products" and "JTI Russia" were transferred to the interim management.

Promışlenniye Aktivı will undertake the management of three companies belonging to Luxembourg-based JTI Investments Sarl.

With the decree he signed on November 5, Putin transferred JTI's 4 factories in Russia to the temporary management of the same company. With the new decision, the companies responsible for the company's wholesale and other commercial activities in the country were also included in the scope of interim management.

In its statement following the first decree, JTI stated that it was evaluating the developments and examining the steps that could be taken.

The Japanese government also opposed the transfer of the company's assets in Russia to interim management and demanded that the decision be withdrawn.

JTI, which operates in Russia with brands such as Winston, Camel, LD and Sobranie, has approximately 4 thousand employees in the country.

With the decree that came into force in Russia in April 2023, the way was paved for the transfer of the assets of some foreign companies in the country to the interim administration in response to the sanctions of Western countries.