Putin takes control of Gławprodukt to support war efforts
The US-registered holding company Gławprodukt, a giant in the canned food market, has come under Russian state control. Vladimir Putin made this decision.
Gławprodukt is the leader in canned food production in Russia, producing canned meals, meat, condensed milk, fish, and vegetables. According to the Business Insider portal, the company will now be under Russian control.
This decision is a consequence of the Kremlin's actions from April 2023. Vladimir Putin authorised the government to take over the assets of foreign firms operating in Russia. This move was mainly directed at companies deemed "hostile" by the Kremlin, interpreted in the West as retaliation for freezing Russian assets, which amounted to approximately 300 billion dollars. As reported, a similar decision has now been made regarding the canned food producer Gławprodukt.
The company will support the Russian army
According to the Russian newspaper "Kommersant," the company is headed by American businessman Leonid Smirnov, who emigrated from the USSR in the 1970s and returned to Russia in the 1990s.
Business Insider reports that the company's production capacity will support Russian actions in Ukraine. "Surely, the company's production capacities will now support Russia's invasion of Ukraine," it reads.
