Putin authorizes Russian company to take over German chemical company BASF subsidiary
05/14/2024 // Cassie B. // Views

Russian President Vladimir Putin has granted a domestic manufacturer of paints permission to acquire BASF Vostok, a subsidiary of the German chemical giant BASF, following their withdrawal from the country in response to the Ukraine conflict.

The domestic enterprise, Lakra Sintez, can buy out 100 percent of BASF Vostok shares thanks to a presidential decree allowing special measures due to the “unfriendly actions of some foreign states and international organizations.” Among the measures allowed by this decree are the temporary seizure of foreign assets by Russian state agencies in cases where the assets are considered critical for energy security and the acquisition of foreign assets by Russian businesses.

Lakra Sintez is the biggest producer of paintwork materials in Russia, and it owns numerous brands in the paintwork and construction materials sphere. It has been operating since 1993 and has 1,300 employees. BASF Vostok was founded in 1999 and focuses on producing paints, varnishes and printing inks.

The move is believed to be a response to similar ones taken by a number of Western countries, particularly against Russian energy giant Gazprom, which is majority-owned by the Russian government and is the world’s biggest natural gas exporter. For example, Warsaw seized a 48 percent stake owned by Gazprom in the joint venture Europol Gaz, which owns the Polish part of the Yamal-Europe pipeline. Similarly, German authorities took over Gazprom Germania in June 2022.

BASF is the largest chemical company in the world, racking up revenue of nearly $94 billion last year and employing 112,000 people across its 234 global production facilities.

Human knowledge is under attack! Governments and powerful corporations are using censorship to wipe out humanity's knowledge base about nutrition, herbs, self-reliance, natural immunity, food production, preparedness and much more. We are preserving human knowledge using AI technology while building the infrastructure of human freedom. Speak freely without censorship at the new decentralized, blockchain-power Brighteon.io. Explore our free, downloadable generative AI tools at Brighteon.AI. Support our efforts to build the infrastructure of human freedom by shopping at HealthRangerStore.com, featuring lab-tested, certified organic, non-GMO foods and nutritional solutions.

The company announced in March of 2022 that it would be withdrawing from both Russia and Belarus on account of Russia's invasion of Ukraine. At the time, it noted that it “strongly condemns the Russian attack on Ukraine” while declaring that the two countries made up around one percent of their total sales in 2021.

EU to send profits from frozen Russian assets to Ukraine

Meanwhile, the European Union has reached a deal that will allow them to seize the profits earned by Russian assets they have frozen to fund aid and weapons for Ukraine’s war efforts.

Senior diplomats gave the green light to use the profits, which are estimated to total around 4.4 billion euros, to aid Ukraine. The EU was reportedly concerned about the potential legal ramifications of seizing all the assets but decided that Moscow had no right to the profits and that giving them to Ukraine would be an acceptable move.

The bloc’s member states have decided to spend 90 percent of the profits on weapons for Ukraine, while the remaining 10 percent will be used on non-lethal aid. This split was made to appease countries that are not willing to fund arms, such as Hungary, Austria and Ireland.

European Commission President Ursula von der Leyden tweeted: “There could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live.”

EU ambassadors are now discussing restricting the flow of Russian liquefied natural gas through Europe in what will be the 14th round of sanctions against them.

Sources for this article include:



Take Action:
Support Natural News by linking to this article from your website.
Permalink to this article:
Embed article link:
Reprinting this article:
Non-commercial use is permitted with credit to NaturalNews.com (including a clickable link).
Please contact us for more information.
Free Email Alerts
Get independent news alerts on natural cures, food lab tests, cannabis medicine, science, robotics, drones, privacy and more.
App Store
Android App
eTrust Pro Certified

This site is part of the Natural News Network © 2022 All Rights Reserved. Privacy | Terms All content posted on this site is commentary or opinion and is protected under Free Speech. Truth Publishing International, LTD. is not responsible for content written by contributing authors. The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. Truth Publishing assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms and those published here. All trademarks, registered trademarks and servicemarks mentioned on this site are the property of their respective owners.

This site uses cookies
Natural News uses cookies to improve your experience on our site. By using this site, you agree to our privacy policy.
Learn More
Get 100% real, uncensored news delivered straight to your inbox
You can unsubscribe at any time. Your email privacy is completely protected.