Russia seizes control of US-linked firm as it pushes for renewed ties with Washington
A Pennsylvania-linked manufacturer has been stripped of control over its Russian operations under a Kremlin order, raising fresh risks for Western companies as Moscow courts renewed economic ties with the...
By Fox News · Fox News
A Pennsylvania-linked manufacturer has been stripped of control over its Russian operations under a Kremlin order, raising fresh risks for Western companies as Moscow courts renewed economic ties with the United States. CANPACK, a global aluminum beverage can manufacturer owned by a Pennsylvania-based holding company, operates in multiple countries across Europe and North America and said its Russian business — valued at roughly $700 million — was placed under state "external administration" by a Dec. 31, 2025, decree signed by President Vladimir Putin, effectively transferring control of 100% of its shares to state-appointed managers. CEO Peter Giorgi said the company lost all operational authority after administrators arrived in mid-January. "I'm only a nominal shareholder," Giorgi said in an interview with Fox News Digital. "I lose all control of the company." BIPARTISAN SENATORS PROBE KREMLIN-LINKED DELEGATION'S MEETINGS WITH US OFFICIALS The case underscores the risks facing Western companies that remained in Russia during the war, even as Moscow signals interest in rebuilding economic ties with Washington as part of potential peace negotiations. Putin’s envoy for foreign investment, Kirill Dmitriev, is in the United States meeting with officials in President Donald Trump ’s administration to discuss a potential Ukraine peace deal and future economic cooperation, according to Reuters. Analysts say the move is part of a broader shift in Russia’s handling of foreign-owned assets since the Ukraine War. "Let’s not be U.S.-centric about that," said Alexander Kolyandr, a fellow at the Center for European Policy Analysis. "CANPACK is not alone." CANPACK has operated in Russia for nearly 30 years and held an estimated 35%–40% share of the country’s aluminum beverage can market, according to the company, underscoring the scale of the takeover. The company has had no direct access to or communication with its Russian operations since the move, according to a person fami…