Russia Seizes U.S.-Owned Canned Food Company Glavprodukt

A Moscow court has ruled in favor of the Russian state, ordering the seizure of U.S.-owned canned food company Glavprodukt's assets, according to TASS news agency. This decision concludes a protracted legal dispute involving the company, the only U.S. asset to be taken by Moscow.

The court ruling comes amid attempts to improve U.S.-Russian relations and follows a presidential decree to place Glavprodukt and other assets owned by Universal Beverage and founder Leonid Smirnov under temporary state management in October 2024. Prosecutors justified the seizure citing the need to stabilize Russia's food supply.

Despite the seizure meant to secure food supplies, Glavprodukt's sales have sharply declined. The new management aims to reverse this trend by expanding exports to China and North Korea, according to sources and documents seen by Reuters.

(With inputs from agencies.)