Russia has seized companies belonging to agricultural firm AgroTerra and placed them under temporary management, including some backed by Dutch investment firms, according to a decree signed by President Vladimir Putin, reported by Reuters.
The move followed similar asset seizures by Russia involving Western firms including multinational brewing company Carlsberg, Finnish energy firm Fortum and German energy company Uniper, in alleged retaliation for steps taken against Russian companies by other countries, the 9 April report said.
In the latest decree signed on 8 April, AgroTerra’s assets were listed as being placed under temporary management of Russia’s federal property management agency Rosimushchestvo, Reuters wrote.
“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 was quoted as saying.
The company added that it was operating as usual and that its primary focus was the ongoing planting campaign.
According to the BEFL consultancy, AgroTerra was one of Russia's top 20 agricultural landholders as of May 2023, farming an area of 265,000 ha.
The decree listed Dutch-registered firms AgroTerra Investments and AgroTerra Holdings as part owners of some of the company’s assets, the report said.
Founded in 2008, AgroTerra is a producer and supplier of mass commodity crops and speciality, value-added crops to top food processors.
The company specialises in soyabeans, wheat, sugar beet, sunflowerseed, corn and rapeseed, according to its LinkedIn page.
US-based company NCH that lists AgroTerra as one of its agribusinesses, did not immediately respond to a Reuters request for comment.
