A Russian court on Tuesday said it had transferred ownership of major zinc and lead producer Dalpolimetall to the Russian state, after considering a claim brought by the Russian Prosecutor’s Office.
Russia is quickening the pace of domestic asset seizures after courts ruled early this year that a leading grain trader, Moscow’s sprawling Domodedovo airport and strategic warehouse assets be handed over to the state.
Russia’s finance ministry on Tuesday said it intends to revive plans for major privatizations in 2025 and also expects to bring in more than $1.2 billion by selling assets seized through the courts.
Dalpolimetall, which produces lead and zinc ores at two mines in Russia’s Far East and employs more than 1,500 people, did not immediately respond to a request for comment.
Foreign companies have grappled with the risk of state seizure ever since Russia sent its army into Ukraine in February 2022, but Moscow, under the auspices of strategic stability and domestic security, has increasingly brought domestic assets too into the crosshairs.
(By Anastasia Lyrchikova and Alexander Marrow; Editing by Kirsten Donovan)
