Sat. Jul 20th, 2024

Russian President Vladimir Putin issued a decree to transfer the management of two European companies belonging to “Ariston”and “Bosch” to the Russian company Gazprom Betovi Sistemi.

According to the decree, Russian interim administration was imposed on ‘BSH’ and ‘Ariston Thermo Rus’.

‘Ariston Thermo Ross’ was a subsidiary of an Italian company, while ‘PSH’ was a subsidiary of a German company.

On April 25, the Russian president signed a decree imposing interim administration on a group of foreign assets in Russia, in response to the confiscation of Russian assets in Europe.

The move comes within the framework of ongoing tensions between Russia and the West after the military operation in Ukraine, where the West imposed sanctions on Russia, which in turn responded with similar retaliatory sanctions, which aim to protect Russian companies and the economy from the repercussions of Western sanctions.

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