The Russian Bear has resumed its hunt for Western companies. Having emerged from hibernation, dissatisfied with the progress of the war in Ukraine because the USA and Europe continue to support Kiev’s defenses with other resources and missiles, this time he used his canines to bite two new preys in the neck: a German and an Italian multinational. With a decree, Putin has in fact placed under “temporary” management, under the wing of Gazprom and therefore under the government control of Moscow, the Russian branches of a big Made in Italy and one of Made in Germany operating in the Federation : Ariston and Bosch. The first, leader in the production of heating and air conditioning systems, listed on the stock exchange; the second largest producer of automotive components.
A clear signal sent by Putin to the chancelleries in view of the Italian-led G7, which after the last meeting has made no secret, also following US input, that it is aiming for a consensus on the freezing of Russian assets, on which France however remains cautious, if not skeptical, in particular on the possibility of drawing on the interest produced by the almost 300 billion dollars frozen by sanctions from 2022 (about 3 billion for now).
The “nationalization” of the Tsar has the flavor of a threat (or rather the putting into practice of a warning already launched by the second ranks of the Kremlin in recent days). Foreign Minister Tajani responded yesterday by summoning the Russian ambassador to Italy for “clarifications” on the operation: noisy, provocative, but still rather unclear in practical aspects. The head of the Farnesina works in concert with Germany, where Finance Minister Lindner is clear: “Putin’s goal is not Kiev, but to exercise power over us.”
Palazzo Chigi can count on the full support of Brussels. The note from the EU External Action Service is blunt, inviting Moscow to revoke “these measures (of nationalization, ed.) and to seek acceptable solutions with the targeted companies”, stigmatizing Russia’s “contempt for international law”. Of course, with statements denouncing Russia as “unpredictable even in the economic sphere”, the EU does not shift the balance and decisions of the Tsar. So the Italian government immediately mobilized. The Minister of Business and Made in Italy, Adolfo Urso, spoke to the president of Ariston, Paolo Merloni, on the phone, saying he was “ready to protect the company in every location”. Urso then confirmed to Francesco Acquaroli, president of the Marche Region, the base of the Ariston Thermo Group, the executive’s maximum attention to protecting businesses and production and employment levels in the household appliances sector, considered a strategic asset. Countermoves are being studied. There is nothing to suggest that the Bear’s “unexpected” bite could change the G7 agenda. But the signal from Moscow is clear: change direction on plans to weaken Putin and his war, otherwise the tsar will strike at other subsidiaries. Last year, Putin had already transferred the management of subsidiaries of French Danone and Danish Carlsberg to Rosimushchestvo, but through share control. For Ariston and Bosch he did it directly, with a blitz. Ariston is “waiting for explanations” and meanwhile claims the results of two decades of investments in the Federation, saying he is “extremely surprised”. Above all for not having been informed in advance: «We are evaluating the implications from the governance and management point of view» of the branch on the outskirts of St. Petersburg. The technicians study the case.
While half of the EU denounces the tsar’s arbitrary and hostile business climate towards foreign investors.
