Support The Moscow Times!

Russia Seizes Ukrainian President Poroshenko's Candy Factory

Ukrainian President Petro Poroshenko speaks during a news conference after a meeting with EU top official in Kiev Apr. 27.

KIEV — Russian authorities have seized the assets of a confectionery factory owned by Ukrainian President Petro Poroshenko in the Russian city of Lipetsk in order to block their sale, parent company Roshen said on Tuesday.

Since March 2014, when Russia annexed Ukraine's Crimean Peninsula and pro-Russian rebels rose up in eastern Ukraine, the Lipetsk plant has been raided by armed police, boycotted and accused by Russian politicians of supporting extremism.

"It is safe to say the Russian side is deliberately taking all possible steps to prevent the company selling its assets in Russia," Roshen said in a statement. It said it would appeal against a decision by a Russian court to seize the assets, which it valued at 2 billion rubles ($39 million).

Poroshenko, nicknamed the Chocolate King, promised when he was elected last May to sell Roshen, which takes its name from the middle two syllables of his surname and had pre-crisis annual sales of $1.2 billion.

However, the eastern conflict and resulting economic crisis are likely to have complicated the sales process and no deals have yet been announced.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.


Read more