Russian Property Agency gets temporary control of foreign stakes in Unipro, Fortum under new decree

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Russian Property Agency gets temporary control of foreign stakes in Unipro, Fortum under new decree

MOSCOW. April 26 (Interfax) - Russia's Federal Property Agency has been given temporary control over foreign shareholders' stakes in power companies PJSC Unipro and PJSC Fortum under a presidential decree published Tuesday evening.

The list of assets subject to temporary management by the agency includes the 83.73% stake in PJSC Unipro owned by Germany's Uniper SE, and the 69.88% and 28.35% stakes in PJSC Fortum owned by Fortum Russia B.V. and Fortum Holding B.V., respectively.

This decision was made due to the "need to take immediate measures to protection the national interests of the Russian Federation in response to the unfriendly actions of the United States and allied countries and international organizations that contravene international law, aimed at illegally depriving the Russian Federation, Russian legal entities and individuals of property rights and/or restricting their property rights," the decree said.

Temporary management is being imposed on the movable and immovable property of foreign entities with ties to the listed countries, securities, equity stakes and property rights, the decree said.

The temporary manager will exercise the powers of the owner of the movable and immovable property, securities, equity stakes in Russian companies and property rights under temporary management, with the exception of the authority to dispose of the assets, the document said.

The temporary manager will also conduct an inventory of assets under temporary management and ensure the safe custody of these assets. Expenses related to temporary management of assets will be financed by income from the use of these assets, the decree said.

The Federal Property Agency has been designated the temporary manager, but the Russian president, including on the recommendation of the Property Agency, can designate another manager, the decree said.

Temporary management of the assets will end by the decision of the Russian president, the document said.