Brussels 27.04.2024 “Russia continues to take measures against EU companies operating in the country. A Russian company, part of the Gazprom group, has now placed subsidiaries of Italian and German companies under ‘temporary external management’ reads the statement by the European External Action service spokesperson on Russian measures against subsidiaries of EU companies.

“These measures, targeting legitimate economic activities, are yet another proof of Russia’s disregard for international law and rules.

“Russia confirms to be an unpredictable actor also in the economic field, and has created a business climate which is arbitrary and hostile towards foreign investors.

“The European Union calls on Russia to reverse these measures and seek acceptable solutions with European companies targeted by them” the EU diplomacy concluded.

The Russian subsidiaries of Ariston and Bosch were transferred to the temporary management of the Gazprom group company – JSC Gazprom Household Systems.

The corresponding presidential decree No. 294 dated April 26, 2024 was published on the official legal information portal.

The measures touched about 100% in Ariston Thermo Rus LLC, owned by Ariston Holding N.V., and BSH Household Appliances LLC, owned by BSH Hausgerate GmbH.

The German concern Bosch began to reduce its activities in Russia in 2022.

Meanwhile the Italian Foreign Minister Antonio Tajani ordered to summon Russian Ambassador Alexei Paramonov to the department in connection with the transfer of the Russian subsidiary Ariston to the temporary management of the Gazprom group company.

“The government asks for clarification on the issue of nationalization of Ariston Thermo Group,” Tajani wrote on the social network X on Saturday, April 27, adding that the authorities are also working on this issue with Brussels and Berlin.

Italian water heating company Ariston ARIS.MI said on Saturday it was not notified beforehand of a decree published on Friday in which Russian President Vladimir Putin placed the company’s Russian subsidiary under the temporary management of a Gazprom entity.

Putin placed the Russian subsidiary of Ariston and German appliance maker BSH Hausgeraete under JSC Gazprom Household Systems, which will act as a temporary manager for the two businesses.

Ariston said it was “extremely surprised by this initiative” and is assessing the implications of this decree from a governance and managerial standpoint.

Nowadays it became known that Russia has already drafted legislation to retaliate if nearly $300 billion of Russian assets were seized by the West and used to help Ukraine.

After President Vladimir Putin sent troops into Ukraine in 2022, the United States and its allies prohibited transactions with Russia’s central bank and finance ministry, blocking around $300 billion of sovereign Russian assets in the West.

“We also have a prepared answer,” Valentina Matviyenko, the speaker of the Russian upper house of parliament, was quoted as saying by state news agency RIA. “We have a draft law, which we are ready to consider immediately, on retaliatory measures.”
“And the Europeans will lose more than we do,” Matviyenko, who is a member of Russia’s powerful Security Council, said.
Matviyenko did not give specifics on what the response would be to the seizing of Russian assets which is