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 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.
The move, which transfers the assets to a company called M-Logistika, follows a period of frayed relations between Moscow and Paris over Ukraine.
The transfer includes Air Liquide’s joint venture with Severstal, one of Russia’s top steelmakers, and other Air Liquide businesses in Russia.
Air Liquide said in a statement on its website that it was made aware on Friday of the decision by Russian authorities to place the company’s assets under state administration and will examine “all available courses of action.”
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 and Gianluca Lo Nostro, Editing by William Maclean)
