From The Straits Times · · 1m 50s
Russia Targets European Firms Over Ukraine
Russia penalizes European firms but spares US rivals as Trump administration seeks deals.
In brief
Russia penalizes European firms but spares US rivals as Trump administration seeks deals. Russia has seized European companies' assets in response to Ukraine support while US firms remain largely unaffected due to Trump's economic cooperation. Originally reported by The Straits Times.
Russia deepens crackdown on European firms
Russia has deepened a crackdown on European companies in response to Europe's support for Ukraine, while largely sparing US firms as Moscow courts business ties with Washington.
Only three US firms among 20 under temporary administration
Of 20 foreign-owned firms that Russian President Vladimir Putin has placed under temporary administration since Donald Trump's inauguration as US president in January 2025, only three were linked to the US.
Russia cites European involvement in Ukraine conflict
Russia, citing Europe's wartime support for Ukraine and involvement in 'direct battlefield hostilities', has since last month taken control of local units of Swiss food group Nestle and retailers Auchan and Metro.
Russia targets four smaller European firms
Last week it seized control of the local assets of four smaller companies from France, Germany, Sweden and Belgium.
Kremlin claims European countries engaged in illegal expropriations
The Kremlin stated that these countries were involved in 'illegal expropriations of Russian property' as a factor in the decision to take control of their assets.
US special envoy meets Putin for Ukraine talks
US special envoy Steve Witkoff met Putin in St Petersburg on Wednesday for talks aimed at resolving the war in Ukraine, with Putin expressing interest in restoring economic ties with the United States.
Trump administration waives sanctions on Russian goods
Trump signed an executive order on Saturday waiving key sanctions and tariffs on Russian goods, facilitating economic cooperation with Russia.
Russia and US to announce joint initiatives
Russian negotiator Kirill Dmitriev said Russia and the US would soon announce new joint initiatives that could move ahead before the war ends.
The big picture
Russia has seized European companies' assets in response to Ukraine support while US firms remain largely unaffected due to Trump's economic cooperation.
