Putin seizes the Russian assets of five European companies

According to Brussels Signal, the decree covers Tarkett, Germany's Menshen, Kappa Rus (formerly owned by Smurfit Kappa), Eviosys Packaging Kuban, part of the Dutch unit of the US group Sonoco, and Ontex RU. The assets were transferred to Centre Capital, a Moscow-based entity set up on 3 February 2026. Euronews reports that Tarkett ranks third worldwide in flooring sales and had 2 of its 34 production sites in Russia. Ontex confirmed on 16 October that the temporary manager had taken over its Russian unit. Shortly before the announcement, the Belgian market regulator FSMA suspended trading in its shares.

Ontex's Russian unit employs around 350 people and generates about 5% of group revenue and 7–8% of adjusted EBITDA. The Kremlin presented the move as a response to the direct involvement of EU countries in the conflict in Ukraine and said the measure was reversible. The legal basis is a decree signed in April 2023 that allows temporary managers to be appointed to companies from unfriendly countries. Euronews notes that the mechanism has previously been applied to Carlsberg, Danone, Nestlé, Metro, Auchan and Leroy Merlin.

The decision came three days after the EU approved, on 12 October, its broadest sanctions list yet targeting Russia's military industry. Sources differ on the value of Russian state assets frozen in the EU: Euronews puts it at about 300 billion euros, Brussels Signal at about 210 billion euros. The only route to compensation for the companies is international arbitration under bilateral investment treaties. Euronews writes, however, that enforcing such awards against Russia is almost impossible.