Russia seizes control of Italian and German businesses in fresh blow to EU

Russia is locking horns with Italy and Germany as Vladimir Putin eyes more EU company takeovers. The Kremlin has declared the "temporary external management" of Russian branches of Italian firm Ariston and German giant BSH Hausgeraete.

Announced last Friday and effective from the previous Tuesday, this move pitches Russia into a direct clash with key European players, raising alarm bells over Moscow's plans for European enterprises.

Ariston Thermo Rus and BSH Household Appliances are now under the wing of Gazprom's Household Systems, bringing them firmly within Russian control.

President Putin has put his signature to the decree, framing it as a necessary countermeasure to what he views as hostile acts by the United States and others against Russian property interests. Ariston has been taken aback by the sudden seizure, indicating that the move came without any forewarning, reports the Express.

https://www.msn.com/en-us/money/companies/russia-seizes-control-of-italian-and-german-businesses-in-fresh-blow-to-eu/ar-AA1nZ9kr