Russian President Vladimir Putin signed a decree on Thursday placing the Russian assets of tobacco manufacturer Japan Tobacco International (JTI) under temporary administration.
According to the decree, equity stakes linked to JTI's production operations in Russia have been put under the management of Russian company Industrial Assets.
JTI, a leading global tobacco producer, has operated in Russia since 1999 and grown into Russia's top tobacco producer. Global cigarette brands such as Winston, Mevius, Camel, Sobranie, Glamour and LD, as well as domestic Russian brands Russky Stil, Pyotr I and Troika, are part of JTI's portfolio.
The presidential decree of the Russian Federation "On the Temporary Administration of Certain Property," adopted in April 2023, establishes a mechanism for placing certain assets owned by individuals and entities linked to countries designated as unfriendly by Russia under temporary administration.
The measure was introduced in response to what Moscow described as the seizure of Russian assets abroad or restrictions on the property rights of Russian owners.
