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Russia seizes assets of agricultural firm AgroTerra
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Russia seizes assets of agricultural firm AgroTerra
Apr 9, 2024 5:08 AM

MOSCOW, April 9 (Reuters) - Russia has seized companies

belonging to agricultural firm AgroTerra and placed them under

temporary management, including some backed by Dutch investment

firms, a decree signed by President Vladimir Putin showed late

on Monday.

The move follows similar asset seizures involving Western

firms including Carlsberg, Fortum and

Uniper in retaliation for steps taken against Russian

companies abroad.

Monday's decree listed AgroTerra assets being placed under

temporary management of Rosimushchestvo, Russia's federal

property management agency.

"As of now, the Company has not yet received any further

details regarding the decree on the transfer of shares within

the authorised capital of the AgroTerra Group to the temporary

management of Rosimushchestvo," AgroTerra said.

The company said it was operating as usual and that its

primary focus was the ongoing sowing campaign.

AgroTerra was one of Russia's top 20 agricultural

landholders as of May 2023, according to the BEFL consultancy,

cultivating an area of 265,000 hectares.

The decree listed Dutch-registered firms AgroTerra

Investments B.V. and AgroTerra Holdings B.V. as part owners of

some of the assets.

AgroTerra was founded in 2008 and is a producer and supplier

of mass commodity crops and specialty, value-added crops to top

food processors.

NCH, a U.S.-based firm that lists AgroTerra as one of its

Agribusinesses, did not immediately respond to a Reuters request

for comment.

(Writing by Alexander Marrow; editing by Kirsten Donovan and

Jason Neely)

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