(Reuters) – A Russian court on Thursday suspended the corporate rights of the foreign holding companies of vodka maker Russian Standard Group, the Interfax news agency reported, ruling in favour of the finance ministry.
The ministry had added the Russian Standard Group companies to a list of “economically significant organisations” this month and launched an arbitration case over their foreign corporate holding structure.
Roust Russia, part of the group, did not immediately respond to a request for comment.
The ministry listed two holding companies – Pasalba Ltd in Cyprus and Roust Corporation in the United States – and said that Western sanctions were impeding the operations of Roust Russia and Russian Standard Vodka, which make vodka and other spirits and distribute their products internationally.
Russia has carried out similar moves with leading retailer X5 and private lender Alfa Bank. With Western nations holding frozen Russian assets abroad, Moscow is keen to reduce foreign leverage, particularly over economically important entities.
(Reporting by Reuters; Writing by Alexander Marrow; Editing by Kevin Liffey)
