Russia’s recent decision to nationalize Italian and German subsidiaries has sparked tensions with Western Europe. The Kremlin’s Household Systems division now has full control over Ariston Thermo Rus and BSH Household Appliances, following an Executive Order signed by President Putin. This move was in response to unfriendly actions against Russia from the United States and other countries.
In Italy, Ariston Thermo expressed surprise at the takeover of its subsidiary. Italy’s Foreign Minister, Antonio Tajani, demanded an explanation and clarification from the Kremlin regarding the nationalization of the subsidiary. The European Union also condemned the move, questioning its legality and urging Russia to reverse the decision. These actions by Russia are seen as a disregard for international law and rules by the EU.
Russia’s recent move is just one example of its efforts to assert control over foreign companies operating within its borders. Since the conflict in Ukraine, Russia has taken control of various Western assets, including those of Germany’s Uniper and Austria’s OMV, as a form of retaliation against so-called unfriendly countries. This trend raises concerns about Russia’s intentions towards other foreign companies operating in the country.