Suryaa Business Desk: Russian President Vladimir Putin has signed a special decree placing the Russian business assets of Japan Tobacco International (JTI) under temporary state management. Kremlin sources confirmed that four corporate subsidiaries of the company have been transferred to the temporary control of a Russian entity known as Industrial Assets.
Japan Tobacco International has operated in Russia for two decades, holding approximately 40 percent of the market share and selling brands including Winston and Camel. The Japanese government has formally protested the decision, with the Japanese Finance Minister demanding that the Russian government withdraw the measure.
The company has expressed concern regarding the takeover, noting that it provides significant employment and tax contributions in Russia. Management is currently conducting a high-level review regarding employee welfare and future alternatives. Political analysts suggest this action may impact diplomatic relations between the two nations, while the incident has prompted international discussion regarding the security of foreign investments in Russia.
