Putin approves Rosbank’s purchase of Russian companies from Societe Generale

ISTANBUL

Russian President Vladimir Putin approved Rosbank’s stake purchases in leading Russian companies owned by French bank Societe Generale that ceased operations in the country due to sanctions arising from the Russia-Ukraine war.

“Now, Rosbank will be able to buy back shares in a number of energy companies from its former owner, including Rosseti, RusHydro, Inter RAO, Gazprom and Gazprom Neft, Lukoil, Surgutneftegaz, Rosneft and Tatneft, Transneft, and Unipro,” reported Russian news agency TASS on Sunday.

Also among the Russian companies are VTB Bank, Rostelecom, and Aeroflot; diamond mining company Alrosa; and steel and mining company Severstal, the agency reported.

The authorization granted to Rosbank encompasses the purchase of shares in Nornickel, gold producer Polyus, as well as several other companies.

French financial group Societe Generale halted its activities in Russia in 2022. The investment bank and financial services company agreed last May to sell its banking and insurance operations in Russia to Interros Capital, owned by Russia’s second richest man, Vladimir Potanin.

• President Vladimir Putin
• Rosbank
• Societe Generale