Russia places Japan Tobacco assets under temporary administration

Politics · First reported 5 Nov, 12:37 · Updated 23:13

Image: Wikimedia Commons · Rekia1991 · CC BY-SA 4.0

A decree signed by Vladimir Putin places four businesses of Japan Tobacco International in Russia under the administration of Russian company Industrial Assets. Japanese officials have protested and called for the measure to be withdrawn, while the company says it is assessing its options.

The decree puts stakes in four JTI businesses under Industrial Assets; another report says it directly affects four manufacturing plants.
Japanese officials protested and requested that Russia withdraw the measure; the Japanese government said it had been on alert for such a move.
JTI said it was assessing the situation and options, while JT Group said it was gathering information and considering next steps.
The reports link the move to strained Japan-Russia relations and to Russia’s wider actions against foreign companies’ local assets.

Summary written by Lux AI from 3 articles

Key facts

Administrator named in decree: Industrial Assets
Affected businesses/plants: Four JTI businesses; The Japan Times identifies four manufacturing plants
JTI employees in Russia: About 4,000
Japanese government stake in Japan Tobacco: Around 37% according to CNA; 37.55% according to The Japan Times
JT Group revenue and operating profit from Russia: About 10% of revenue and roughly 25% of operating profit