Putin seizes control of Russia’s biggest car dealership: ‘devastating effect’
- The Kremlin said the move was driven by commercial logic but founder of dealership said it made the country look uninvestable
- Rolf, owned by a Cyprus-based firm and founded by Russian businessman Sergei Petrov, was one of the first car dealerships to emerge after the collapse of the Soviet Union
Rolf, which is owned by a Cyprus-based firm and was founded by Russian businessman Sergei Petrov, was one of the first car dealerships to emerge after the collapse of the Soviet Union.
Its seizure, set out in a decree published on a government website, comes after Moscow has taken temporary control this year of several Western-owned assets in response to Russian assets being frozen or disrupted by sanctions in the West.
Danish brewer Carlsberg and French dairy giant Danone have been among those affected, but the seizure of Rolf, which has traditionally sold a wide range of foreign-branded cars, marks the first time a high-profile Russian business leader has been relieved of his property in this way.
Petrov, who lives in Austria, is accused by Russian authorities of illegally moving money abroad, which he denies.
“This is solely linked to economic expediency and compliance with the current legislation of the Russian Federation and taking into account the known international economic situation that is around us now,” Kremlin spokesman Dmitry Peskov said.
Rolf was a Russian company but one which had an ownership scheme including an offshore element which required state intervention, Peskov added.