Confiscation wave sweeps up two more major foreign companies
This time, Japanese tobacco giant Japan Tobacco International (JTI), which makes some of the most popular cigarette brands on the Russian market, has had its factories seized.
Russian authorities have intensified their campaign to confiscate assets from companies in "unfriendly" countries, targeting two more major foreign corporations. Japanese tobacco giant Japan Tobacco International (JTI) saw its factories seized, including JTI Donskoi Tabak, Petro, JTI Yelets, and Kres Neva, now under the management of Promyshlennye Aktivy.
Coca-Cola HBC, the company which once bottled Coca-Cola in Russia, faces the threat of seizure for its subsidiary, Multon, which is the largest soft-drink producer in Russia. The Russian government's actions come amid escalating tensions with Japan, and the seizures are expected to generate significant revenue for the state through excise taxes.
Coca-Cola HBC's shares fell in response to the news, while JTI's operations in Russia remain unclear.
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