10 Apr 2023 18:00

Putin permits liquidation of Russian subsidiary of Swiss chemical manufacturer

MOSCOW. April 10 (Interfax) - Russian President Vladimir Putin, based on a decree dated August 5, 2022, gave the order allowing Clariant LLC (RUS) to implement voluntary liquidation measures, the official portal of legal information reports.

Clariant LLC (RUS) is a subsidiary of the Swiss Clariant International, one of the world's leading manufacturers of specialty chemicals.

The decree "On the application of special economic measures in the financial, fuel and energy sectors in connection with the unfriendly actions of certain foreign states and international organizations" expressly prohibits non-resident businesses from countries unfriendly to Russia from withdrawing from a number of assets, except with special permission from the head of state.

The decree applies to strategic enterprises, energy companies, banks with foreign participation, service and production of equipment in the fuel and energy sector, and users of subsoil plots (including under a production sharing agreement), including gold, nickel, diamonds, and platinum group metals, etc.