Absolutely all shares of Joint Stock Company Power Machines came under the control of Severgrupp, a company run by Russian businessman Alexei Mordashov.
In the beginning of this year, Power Machines came under the sanctions of the United States of America because the company supplied products to the Crimea in circumvention of EU sanctions.
A message posted on the official website of Power Machines says that the assets of the company were restructured in connection with the measures of the Russian government to dispose of offshore zones in the economy. The administration of the joint-stock company thus sought to achieve transparency of the structure of the organisation.
It is worthy of note that Russian billionaires Alisher Usmanov and Oleg Deripaska have recently moved their assets to Russia as well.
Power Machines is a Russian energy systems machine-building company founded in 2000. It is headquartered in Saint Petersburg. Power Machines manufactures steam turbines with capacity up to 1,200 MWe, including turbines for nuclear power plants. Its portfolio consists of turbine generators for the Leningrad Nuclear Power Plant II and the Novovoronezh Nuclear Power Plant II. Also, Power Machines has supplied equipment to 57 countries other than Russia with a significant market in Asia.