EU state on takeover spree of Russian assets

Poland has appointed temporary governance of two firms with Russian links, according to media reports

The Polish government has appointed temporary governance for two companies with Russian connections, the Polish outlet TVP has reported, citing the country’s development minister, Waldemar Buda.

This comes two weeks after Poland took control of the 20% stake in the country’s largest chemicals group, Azoty, controlled by Russian businessman Vyacheslav Kantor.

The two firms in question are Boerner Insulation, a manufacturer of mineral wool, and Boerner Service, a distributor of insulation materials, according to the outlet.

The companies, which are reportedly owned by Russian citizens Sergey Kolesnikov and Igor Rybakov, are under sanctions from the Polish Interior Ministry and government administration.

According to the government, temporary leadership of the companies was appointed in order to enable them to continue to operate and to preserve jobs.

“We will not stop the process of blocking Russian influence and Russian capital,” TVP quoted Buda as saying.

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Although the Polish authorities do not have the power to directly confiscate Russian assets, they can place sanctioned companies under temporary governance. Poland says it’s the first country in the EU to introduce such a legal mechanism.

Last year, Poland took over assets belonging to Russian energy major Gazprom and appointed temporary leadership to run the Russian firm Novatek Green Energy.

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