Putin Defrauded French Companies

The Kremlin boss took away Russian industrial gas plants from them.

Putin has transferred the assets of the French chemical holding Air Liquide to the company M-Logistics. The Russian dictator signed the corresponding decree on Friday, August 29.

According to the document, the shares of Air Liquide Roussy LLC, including Air Liquide LLC, M-Logistics JSC, and Air Liquide Severstal JSC were transferred to the temporary management of the Russian company, Er Likid Alabuga LLC, Er Likid Balakovo, Er Likid Lipetsk, Er Likid Ryazan, Er Likid Kstovo, Er Likid Kuzbass and Sever Liquid Gas, writes The Moscow Times.

At the same time, according to SPARK-Interfax, there are at least eight companies registered in Russia with the name M-Logistics: three in Moscow, one each in St. Petersburg, Novosibirsk, Samara, Nizhny Novgorod and Ufa. The presidential decree does not specify which of these companies will take control of Air Liquide's assets.

French Air Liqiude is one of the world's largest producers of industrial gases and cryogenic equipment.

The company has been operating in Russia since 1989, but due to the full-scale war in Ukraine it decided to leave the Russian market and transferred the business to local management in September 2022. Before the war, Air Liqiude worked closely with Russian metallurgical companies - Evraz ZSMK, Metalloinvest and Severstal.

Assets of many foreign companies in Russia after the outbreak of hostilities in Ukraine are first transferred to the temporary management of domestic companies or the state, and then resold.

In April 2023, Putin signed a decree on the seizure of foreign assets in response to confiscations in the United States and "adjoining" other states of Russian property, Russian citizens and companies.

This week, Putin put JSC Chelyabenergoremont, which was owned by Finnish energy concern Fortum, under the temporary management of the Federal Property Management Agency. The very Russian "subsidiary" of the Finnish company - PJSC Fortum - was transferred to Rosimushchestvo by the Russian ruler back in 2023. Fortum called Moscow's actions a violation of international law, and estimated the loss of Russian assets at 1.7 billion euros.

In February 2024, the Finnish company filed a lawsuit demanding that Russia reimburse the value of the confiscated assets.

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