The Russian government has taken control of yet another company that was at least partially foreign owned — an airport in St. Petersburg.
In a decree published late Thursday, President Vladimir Putin ordered that foreign-held stakes of Pulkovo airport be transferred into a new Russian company, Bloomberg reported on Friday.
One of the shareholders, Germany’s Fraport AG
FRA,
holds a 25% stake in the airport, but suspended its business activities at the outbreak of the war in February 2022. The company has said it could not sell its stake until 2025 due to contractual negotiations and that any sale would need to be agreed by the Russian government.
“We must first verify the information and check what this means in the future for our participation in St. Petersburg, which we have put on hold since the start of Russia’s war of aggression,” a spokesman for Fraport told MarketWatch. The company at one point estimated its investment in the Russian airport at €111 million. Shares of Fraport rose 1.5% on Friday.
The Qatar Investment Authority, which also holds a 25% stake, could not immediately be reached for comment.
Since its invasion of Ukraine, the Russian government has also taken control Danone SA and Carlsberg AS -owned plants.
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