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Russia moves on more European firms ahead of Zelenskiy's appearance at EU summit - Finance news and analysis from Global Banking & Finance Review
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Russia moves on more European firms ahead of Zelenskiy's appearance at EU summit

Published by Global Banking & Finance Review

Posted on October 16, 2026

1 min read

· Last updated: October 16, 2026

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Russia Seizes European Company Assets as EU-Ukraine Tensions Escalate

Escalation of Asset Seizures Amid Heightened EU-Russia Tensions

MOSCOW, Oct 16 (Reuters) - Russia has moved to place local assets of French, German, Swedish and Dutch companies under temporary management, according to a decree by President Vladimir Putin, as EU ties hit a new low over the bloc's support for Ukraine.

Companies Affected by the Decree

Thursday's decree listed assets belonging to French flooring maker Tarkett, German packaging maker Menshen, Swedish packaging maker Sverige International Holdings and Dutch packaging maker Sonoco.

Previous Actions Against Western Firms

It follows a similar move last month against food giant Nestle and retailers Auchan and Metro. The Kremlin said the measure was a response to EU nations' role in the war and stressed it was "reversible."

International Reactions and Upcoming EU Summit

The latest move against European companies came ahead of Ukraine President Volodymyr Zelenskiy's appearance at an EU summit on Friday, amid reports that the United States could seek control of some Russian assets frozen in Europe.

Reporting and Editorial Credits

(Reporting by Elena Fabrichnaya and Gleb Bryanski; Editing by Clarence Fernandez)

Key Takeaways

  • Russia has extended its pattern of seizing local assets of Western firms—now targeting French, German, Swedish and Dutch companies—as retaliation for EU support of Ukraine, using a mechanism based on a 2023 law permitting temporary control administration. (rbc.ru)
  • This extends recent actions against major companies such as Nestle, Auchan, Metro, Leroy Merlin, FM Logistic and others, signaling increased Kremlin leverage over foreign business presence in Russia. (lemonde.fr)
  • Concurrently, discussions are intensifying in the West—particularly in Europe and the U.S.—on whether to use frozen Russian sovereign assets (estimated at €210 billion) to support Ukraine, with the U.S. reportedly proposing control of some funds amid peace-talk considerations. (lemonde.fr)

References

Frequently Asked Questions

Which European companies had their assets seized by Russia?
Assets belonging to French firm Tarkett, German firm Menshen, Swedish firm Sverige International Holdings, and Dutch firm Sonoco were placed under temporary management.
Why did Russia seize assets of European companies?
The Kremlin stated it was a response to EU nations' role in the war and their support for Ukraine.
Is the asset seizure by Russia permanent?
According to the Kremlin, the measure is 'reversible.'
What event coincided with the Russian asset seizure?
The move came ahead of Ukraine President Volodymyr Zelenskiy's appearance at an EU summit.
Has Russia seized assets from other European companies before?
Yes, last month Russia placed assets of Nestle, Auchan, and Metro under management as well.

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