MOSCOW (Reuters) -Russian President Vladimir Putin signed a decree on Friday placing the Russian assets of French group Air Liquide under the administration of a local company. The decree is related
Putin moves Air Liquide's Russian assets to local company
Overview of Asset Transfer
MOSCOW (Reuters) -Russian President Vladimir Putin signed a decree on Friday placing the Russian assets of French group Air Liquide under the administration of a local company.
Background on Air Liquide
The decree is related to Russia's response to what it describes as "unfriendly" measures by the United States and other Western countries, which seized Russia's property during the war in Ukraine.
Impact of the Decree
The move, which transfers the assets to a company called M-Logistika, follows a period of frayed relations between Moscow and Paris over Ukraine.
Details of the Joint Venture
The transfer includes Air Liquide's joint venture with Severstal, one of Russia's top steelmakers, and other Air Liquide businesses in Russia.
The French company supplies gases, technologies and home healthcare services. It pulled out of Russia in 2022 after signing an agreement to shift its Russian assets to local management.
The company has said it employed close to 720 people in Russia, which accounted for less than 1% of the group's turnover.
(Reporting by Vladimir Soldatkin, Editing by William Maclean)
