Rockwool and Canpack Become Latest Western Firms Hit by Russian Asset Takeover

President of Russia Vladimir Putin has signed a decree placing the Russian assets of two Western companies — Danish insulation producer Rockwool and Polish-American packaging manufacturer Canpack – under temporary state management. The document was published on the official legal information portal.

Photo: kremlin.ru by Администрация Президента России, https://creativecommons.org/licenses/by/4.0/

Vladimir Putin signs documents

The decision applies to the Russian subsidiaries of both corporations and continues a practice that has become increasingly common since the escalation of the conflict in Ukraine.

Rockwool Assets Transferred to Russian Management

The decree affects several production facilities previously owned by Rockwool, a Danish company specializing in thermal insulation made from stone wool. Until recently, the firm operated four industrial sites in Russia, located in the Moscow region, Vyborg, Troitsk, and the Republic of Tatarstan.

Under the decree, these assets have been transferred to the temporary management of the Russian company Development of Construction Assets. The firm received full control over 100 percent of the charter capital of Rockwool LLC and 68 percent of Rockwool-Volga LLC.

Canpack Facilities Placed Under Temporary Control

The decree also places the Russian subsidiaries of Canpack under temporary management. Control over Can-Pack LLC and Can-Pack Packaging Plant has been transferred to the Russian corporation Stalinvest.

Canpack's Russian facilities manufacture aluminum packaging, including beverage cans, which are widely used by domestic food and drink producers.

Expansion of Temporary Asset Management Policy

The transfer of Western-owned assets to temporary state control has become a recurring measure in Russia since the start of military hostilities in Ukraine. The policy has affected companies across multiple sectors, including energy, logistics, manufacturing, and infrastructure.

Previously, the Russian assets of a major French gas company were transferred to M-Logistika LLC, while the stake of Finnish energy group Fortum in Chelyabenergoremont was placed under the control of the Federal Agency for State Property Management.

Impact on Investment Climate

Experts note that the expansion of temporary asset management could negatively affect Russia's investment climate. The growing risk of losing control over assets may encourage foreign investors to redirect capital toward markets perceived as more stable and predictable.

Despite these concerns, Russian authorities argue that the measures are necessary to ensure the uninterrupted operation of strategically important enterprises and to protect domestic economic interests amid external pressure.