A presidential decree signed on the 6th revealed that the Russian government had newly placed 3 local entities of Japan Tobacco (JT) under temporary administration, bringing the total number of targets to 7. JT will retain ownership, but will effectively lose management control.
Russian President Vladimir Putin signed a presidential decree on the 6th placing 3 more of Japan Tobacco's (JT) local entities in Russia under temporary administration. This brings the total number of JT's local entities in Russia placed under temporary administration to 7.
The newly added targets include JTI Russia, which is under JT's European subsidiary JT International (JTI). Interfax reported that the related companies had been responsible for managing the business and serving the role of holding company. The shares and equity interests are now managed by Russian companies. While JT retains ownership, it has effectively lost management control.
On the 6th, Russia's Foreign Ministry released a statement explaining that this was a special legal measure established as a countermeasure against hostile actions by foreign countries, including the seizure of corporate assets. The Russian side also explained the circumstances behind the introduction of the system in 2023.