Putin seizes US‑based canned food giant for Russian army
The Glavprodukt holding registered in the USA and a giant in the canned food market, has come under Russian state control. Vladimir Putin himself decided the company.
Glavprodukt is a leader in canned food production in Russia. It manufactures cans with various meals, including meat, condensed milk, fish, and vegetables. According to Business Insider, the company is now under Russian ownership.
This decision is partly a result of a move by the Kremlin in April 2023. At that time, Vladimir Putin authorized the government to seize the assets of foreign companies operating in Russia. This move targeted companies that the Kremlin deemed "hostile," seen in the West as retaliation for the freezing of Russian assets amounting to about $300 billion. The article states that a similar decision has now been made regarding the canned food producer Glavprodukt.
The company will support the Russian army
According to the Russian newspaper "Kommersant," the company is headed by American businessman Leonid Smirnov, who emigrated from the USSR in the 1970s and returned to Russia in the 1990s.
Business Insider reports that the company's production capacity will now be used to support Russian activities in Ukraine. "Certainly, the company's production capacity will now support Russia's invasion of Ukraine," the article states.
