Russian President Vladimir Putin has transferred three more Japan Tobacco International (JTI) assets in Russia to temporary management. The decision was published on Russia's official legal information portal.
According to the decree, the entirety of the capital shares of the companies "Pereslavl-Tabak," "JTI Innovation Products," and "JTI Russia" have been placed under the temporary management of the Russian company Promyshlennye Aktivy. It was noted that these companies belong to the Luxembourg-based JTI Investments Sarl.
In a previous decree signed on November 5, Putin had also transferred four of JTI's factories in Russia to the temporary management of the same company. With this new step, the entities responsible for JTI's wholesale and other commercial activities in the country have also been brought under temporary management.
Following the initial decision, JTI stated that it was evaluating the developments and examining potential steps to be taken. The Japanese government, meanwhile, opposed the transfer of the company's assets in Russia to temporary management and demanded that the decision be reversed.
JTI, which operates in Russia with brands such as Winston, Camel, LD, and Sobranie, has approximately 4,000 employees in the country.
In April 2023, the Moscow administration paved the way for the transfer of assets of certain foreign companies in Russia to temporary management as a response to sanctions imposed by Western countries.
News Source: 12punto
