Russian President Vladimir Putin signed a decree today, Sunday, that paves the way for "Rusbanks" to purchase shares and assets owned by "Societe Generale" in Russian companies. The decree states that "Rusbanks" will be able to acquire Societe Generale's stakes in major energy producers such as "Rosneft" and "Gazprom," as well as mining companies like Norilsk Nickel and Severstal, along with other large Russian companies. Companies affiliated with nations described as "unfriendly," which have imposed sanctions on Russia following its invasion of Ukraine in February 2022, require a special exemption from Moscow to allow transactions involving Russian assets.
Interfax news agency reported that the stakes in Russian companies are relatively small. For instance, the stake in Gazprom is 0.04 percent, and 0.02 percent in Alrosa, which is the largest diamond production company in the world. However, the total value of the assets under consideration is estimated to be "in billions of rubles." Societe Generale exited Russia and completed the sale of its local unit "Rusbanks" to the "Interros" group in May 2022. "Interros" is linked to wealthy Russian businessman Vladimir Potanin.
