(Adnkronos) – The forced ‘nationalization’ of assets of foreign companies from countries considered hostile and still present in Russia continues. Vladimir Putin has signed a decree transferring control of Japan Tobacco International (Jti) to “temporary management.” The assets of the four corporate entities belonging to Jti in Russia have been transferred to Industrial Assets, a name referring to several holdings registered in Russia. However, the company to which the Japanese assets would actually have been transferred was reportedly registered last September 16 and is owned by the former FSB official from the Kursk region, Sergei Dremov.
Jti has been operating in Russia since 1999 and holds 40 percent of the sector’s market. The new wave of seizures has involved the German Metro, the French Auchan, the Swiss Nestlé, and the logistics operator FM Logistic. Last October, the FSB arrested Japanese journalist Yuki Imai of the Hokkaido Shimbun on charges of espionage. The Japanese Ministry of Foreign Affairs protested to Russian Ambassador to Tokyo Nikolai Nozdrev, and the Finance Minister formally asked Russia to revoke the decision. Among Jti’s four tobacco production plants in Russia, the one in St. Petersburg stands out, having increased its turnover to 73.2 billion rubles in 2023, up from 55.9, with a record net profit of 13.2 billion rubles. Jti’s clients include Winston and Camel, as well as the Russian brands Peter I, Russian Style, and Donskoy Tabak.
