Putin nationalizes the branches of the Italian Ariston and the German Bosch: “Temporary management”. Tajani summons the Russian ambassador

Moscow’s decision to nationalize the Russian branches of the Italian Ariston and the German Bosch inevitably becomes a diplomatic case. The announcement came on Friday, when Vladimir Putin signed a decree for the “temporary transfer” of the subsidiaries of the two companies to the Russian Gazprom Domestic Systems, the company of the state-owned Gazprom group that produces household appliances. Saturday […]

It inevitably becomes a diplomatic case Moscow’s decision to nationalize the Russian branches of the Italian one Ariston and German Bosch. The announcement came on Friday, when Vladimir Putin signed a decree for the “temporary transfer” of the subsidiaries of the two companies to the Russian Gazprom Domestic Systems, the company of the state-owned Gazprom group that produces household appliances. On Saturday the Foreign Minister, Antonio Tajaniwho had immediately made it known that he had “activated our Embassy and spoken with the top management of the Italian company”, gave a mandate to the Secretary General of the Farnesina to summon the Russian ambassador for clarification.

Putin’s decree, posted on the official portal for legal information, concerns Ariston Thermo Rus, controlled by Ariston Holding, and BSH Household Appliances, controlled by BSH Hausgerate GmbH. Since the beginning of the war in Ukraine, Russia has placed it under “management temporary” the assets of a handful of Western companies, justifying these moves as retaliation for the actions of other countries against Russian companies, affected by sanctions.

Last year Putin signed another decree for the temporary transfer of the management of Russian subsidiaries of Danone and of Carlsberg to the Federal Agency for Property Management, Rosimushchestvo. The measure was adopted after the French and Danish companies had announced their intention to exit the Russian market. 98.56% of the shares of the Russian brewery Baltika, belonging to Carlsberg, and tens of thousands of shares belonging to Danone had been placed under the control of the Agency. In the case of Ariston and Bosch, however, management is transferred, again “temporarily”, to another industrial group, albeit controlled by the government.