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Russia Seizes Foreign-Owned Utilities After EU Asset Moves

  • Kremlin takes ‘temporary’ control of Fortum, Uniper units
  • Russia had threatened to nationalize assets of ‘unfriendlies’
Vladimir Putin 

Vladimir Putin 

Photographer: Getty Images 

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Russia took control of utilities owned by Finland’s Fortum Oyj and Germany’s Uniper SE, the first such move from the Kremlin in retaliation for asset freezes by European countries over its invasion of Ukraine.  

Russian President Vladimir Putin signed a decree late Tuesday that allows the government to introduce “temporary” state control over the assets of companies or individuals from “unfriendly” states — which include the US and its allies - in response to similar moves, or the threat of them, by those countries.