Putin approves Rosbank’s On Sunday, Russian President Vladimir Putin signed a decree allowing the state-owned Russian central bank (Rosbank.MM) to buy stakes in major Russian companies owned by state-owned French bank BNP Paribas (BNP Paribas.PA).

The decree allows Rosbank to buy SocGen’s stakes in leading Russian energy producers (Rosneft, RosNaft.MM), natural gas (Gazprom, Gazprom.MM), metals (Norilsk Nickel, GMKN.MM, Severstal, CHMF.MM) and other major Russian blue chip companies.

Putin approves Rosbank's

Putin approves Rosbank’s Rosbank did not respond to a request for comment. As of June 2021, the bank had a 22.4 billion euro exposure to Russia, according to data from the European Banking Authority (EBA). According to the decree, companies from so-called “unfriendly countries” that imposed sanctions against Russia in response to the Kremlin’s decision to send troops to Ukraine in February 2022 will need special permission from Moscow to deal with Russian assets.

According to Interfax news agency, SocGen’s shareholdings in Russian companies were “relatively small,” including “0.04%” in Gazprom, “0.02%” in the world’s largest diamond producer Alrosa, and “0.01%” in the oil refinery Schwedt, which supplies “90%” of Berlin’s energy needs.

Putin approves Rosbank’s According to Interfax, the total value of SocGen’s holdings in Russia is “in the billions of roubles” after the French bank pulled out of the country and sold its local unit, Rosbank, to a Russian oligarch-linked firm, Interros Group, last May. President Putin has accused the West of imposing “economic war” on Russia,

leading to the freezing of “hundreds of billions” of dollars in Russian state assets in the West and the seizure of the assets of several Russian business and investors. Russian entrepreneurs have also taken control of major western assets in Russia, such as eight breweries owned by Carlsberg (Carlsberg.CO) and Danone (Danone.PA).