Italian home appliance manufacturer Ariston Holding announced that it had regained control over its Russian subsidiary, as Russian leader Vladimir Putin lifted the seizure of its assets.
Ariston Holding announced it in its press release on Thursday.
“On March 26, 2025, Presidential Decree No. 176 of the Russian Federation reinstated Ariston Holding N.V. into the possession and full management of the shares of its Russian subsidiary,” the company’s statement says.
In April 2024, Russia took control of the assets of several Western companies. The Russian subsidiary of Ariston was transferred to be managed by a Gazprom entity, Reuters wrote.
It was Russiaʼs response to the US and its allies’ sanctions, which the Russian Embassy called “hostile actions.”
The move comes as Russia and the US have been holding ceasefire negotiations, with the possibility of sanctions easing for Russia.
Previously, in March, Putin authorized US hedge fund 683 Capital Partners LP to acquire securities in Russian companies from specific foreign stakeholders, Kyiv Post reported.
This case became the first precedent when Russian authorities canceled the nationalization of foreign businesses in Russia, the Moscow Times wrote.
Ariston plans to resume operations with the Russian management of its subsidiary, “adhering fully to existing sanctions, and continue our legacy in the country,” Paolo Merloni, Executive Chairman of Ariston Group, said.
Ariston also stated that its board of directors would have to review its previous decision to deconsolidate its Russian subsidiary and record the associated losses.
“We are very pleased with the decision of the Russian authorities to reinstate Ariston Group as the owner and manager of our Russian subsidiary,” Merloni said.
The Italian Foreign Ministry also welcomed the news, Reuters reported.
“The Russian decision was the result of extensive work conducted by the Foreign Ministry, the Italian Embassy in Moscow and the Italian system,” the ministry said in a statement.