Russia’s state property agency has taken control of all assets belonging to Rodnie Polya, previously the country’s largest grain trader, following a recent court ruling. This decision stems from a lawsuit filed by the General Prosecutor’s Office aimed at transferring the company’s assets to the state.
Key Highlights:
Court Decision:
A Russian court ruled in favor of the General Prosecutor’s lawsuit, which sought the transfer of Rodnie Polya’s assets, responsible for exporting 14% of Russian grain in the 2023/24 season.
The assets include a major grain-loading terminal in the Black Sea region and 17 grain-transporting vessels, both classified as strategic assets that cannot be foreign-controlled.
Defense Strategies:
Petr Khodykin, the owner of Rodnie Polya, along with his legal team, is exploring various defense options, including an appeal to the Constitutional Court.
A company statement emphasized Khodykin’s quest for a fair trial, asserting that his case differs from those where the prosecutor’s office genuinely defends state interests.
Foreign Citizenship Concerns:
Reports indicate that Khodykin’s foreign citizenship was a significant factor in the court’s decision, reflecting a broader strategy to prevent foreign control over strategic assets in Russia.
This ruling sets a critical precedent, particularly as other grain sector assets in Russia remain under foreign control.
Background Context:
The court hearing took place behind closed doors on January 31, and the decision has yet to be publicly released.
Khodykin reportedly surrendered his Saint Kitts and Nevis passport and residency permit for the United Arab Emirates prior to the hearings concerning his company’s future.