A nephew of Chechen leader Ramzan Kadyrov has been appointed the new head of Russia's Danone subsidiary after the Kremlin ordered the state to take temporary control of the French yogurt maker's business in Russia
Yakub Zakriev, 32, a deputy prime minister of Chechnya and the republic's agriculture minister, took the post of general director of Danone Russia on Tuesday, Interfax's SPARK database of company disclosure documents in Russia showed.
Many investors say a new generation of tycoons is being created in Russia. Loyalty to the Kremlin is rewarded with effective control over assets that garner significant cash-flow and have major growth potential.Russia says it has been forced to act to ensure that operations continue at important businesses whose Western owners have declared they are exiting. But it may be difficult for investors to regain control of the assets.
"We will undoubtedly see more of these actions. But there should, at least for now, be no threat to western companies which either have said they intend to stay in Russia or have specifically not said they are looking to exit." Danone sought alliances with big local players during the boom years, eventually gaining at least a fifth of Russia's dairy market until war intervened.
Putin has said Russia does not need the West, will depend on its own vast resources and is pivoting to China and other powers.
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