Putin clears sale of Caterpillar鈥檚 Russian assets

Premium Content

28 November 2023

Vladimir Putin Vladimir Putin (Image: Reuters)

President Vladimir Putin has approved the purchase of the Russian assets of US machinery maker Caterpillar by Russia鈥檚 PSK-New Solutions, owned by ex-Sberbank executives, according to a decree published on Monday and a corporate database, reports Reuters.

The decree did not disclose the value of Caterpillar鈥檚 Russian business.

Caterpillar Inc suspended operations in its manufacturing facilities in Russia last year, joining a number of foreign companies that halted business in the country after Moscow sent its troops into Ukraine in February 2022.

According to the decree, PSK-New Solutions is allowed to buy 100% of the charter capital in Caterpillar Tosno and Caterpillar Financial as a response to Western sanctions.

According to Interfax news agency鈥檚 Spark database, PSK - New Solutions was registered in August 2022. It is 99% owned by Kirill Polishkin, while 1% belongs to Jan Veitsman, both former employees of Sberbank CIB, the corporate and investment banking business of Russia鈥檚 largest lender, Sberbank.

Polishkin did not immediately reply to a request for comment, reported Reuters.

Under Russian law, Putin鈥檚 approval is needed for the sale of stakes in Russian finance or energy ventures.

He has cleared the sale of Russian assets by a number of Western companies that quit Russia as a result of the conflict in Ukraine.

Several Western companies sold their Russian operations for token sums, with some adding buy-back clauses to facilitate a possible return in the future.

必赢体育

STAY CONNECTED

Receive the information you need when you need it through our world-leading magazines, newsletters and daily briefings.

CONNECT WITH THE TEAM
Andy Brown Editor, Editorial, UK - Wadhurst Tel: +44 (0) 1892 786224 E-mail: [email protected]
Neil Gerrard Senior Editor, Editorial, UK - Wadhurst Tel: +44 (0) 7355 092 771 E-mail: [email protected]
Catrin Jones Editor, Editorial, UK 鈥� Wadhurst Tel: +44 (0) 791 2298 133 E-mail: [email protected]
Eleanor Shefford Brand Manager Tel: +44 (0) 1892 786 236 E-mail: [email protected]