Fortum and Uniper assets considered transferred to Rosimuschestvo management as of moment decree signed - Peskov

MOSCOW. April 26 (Interfax) - The Russian assets of Fortum and Uniper are considered transferred to the management of the Federal Property Management Agency (Rosimuschestvo) as of the moment that the corresponding presidential decree was signed on April 25, Kremlin spokesman Dmitry Peskov told reporters.

According to the decree, the list of property subject to temporary management includes 83.73% of the shares of PJSC Unipro owned by Germany's Uniper SE; as well as 69.88% of the shares of PJSC Fortum owned by Fortum Russia B.V. and 28.35% of the shares of PJSC Fortum owned by Fortum Holding B.V.

"As of the moment of signing. There is of course a bureaucratic process, but as of the moment that the decree was signed," Peskov said when responding to a question to clarify the timeframe for transferring the assets to Rosimuschestvo management.

Peskov said that the list of enterprises under external management could be expanded if necessary.

"Actually, the main purpose of the decree is to form a compensation fund for the possible implementation of tit-for-tat measures in response to the illegal expropriation of Russian assets abroad," Peskov said.

Peskov was asked whether the addition of an asset to the list of those transferred to temporary management meant the foreign owner could not sell the asset for the duration of that management. "I would leave this question unanswered at present. The answer is clear. The decision is still made by the external manager, the external management," he said.

External management is introduced "selectively" with respect to generating assets, which are of principal importance for the functioning of the Russian power industry, Peskov said. "This will enable us to ensure the stable operation of companies that are key to the economy and eliminate risks when the stance taken by unfriendly countries has an adverse impact on our economy. We are simply hedging our own risks," he said.

Peskov confirmed that the decree did not concern ownership issues and did not deprive the owners of their assets. Rosimuschestvo had given the same explanation.

"The president's decree is a response to the collective actions of unfriendly countries, which are aimed at creating a regulatory framework for the actual seizure of the assets of Russian companies abroad. This initiative in fact mirrors the attitude of Western governments towards the foreign assets of Russian companies, because in a number of countries a systematic transition from temporary management to actual confiscation is being seen. There are differences: this decree does not concern ownership matters and does not deprive the owners of their assets, because the external management is temporary, and means that the original owner no longer has the right to make management decisions, as well as a number of other nuances," Peskov said.