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This major Russian business owned by Vladimir Putin's critic is now Kremlin's
The Rolf Group was the biggest Russian dealership in the years before Russia invaded Ukraine.
Russia will seize control of one of the country’s biggest car dealerships- Rolf Group- which is owned by the family of a Kremlin critic who is now living in exile, it was reported after Vladimir Putin signed a decree to transfer stakes in affiliates of the group to the state property agency for “temporary management".
The Rolf Group was the biggest Russian dealership in the years before Russia invaded Ukraine. It was also considering an initial public offering, Bloomberg reported. The group is owned by Sergey Petrov through a Cyprus-registered entity, who is a dual Russian-Austrian citizen and left Russia years ago.
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Authorities in Russia opened a criminal investigation into him in 2019 accusing him of illegally transferring money abroad while Sergey Petrov said that the charges against him are “absurd”. The case is political in nature, he repeatedly said.
Why Sergey Petrov's is Vladimir Putin's enemy?
In 2011-2012, Sergey Petrov openly backed the biggest anti-government protests of Vladimir Putin’s two-decade rule while serving as a member of parliament. Sergey Petrov also didn’t vote for the annexation of Crimea in 2014 which was approved nearly unanimously.
What Kremlin said on the decision?
Vladimir Putin's decision to temporarily place the car dealership under state control was driven purely by commercial logic and the international economic situation, the Kremlin said.
Has Russia seized other businesses?
Russia has seized control of several businesses owned by international holdings, including France’s Danone SA and Denmark’s Carlsberg A/S this year.
