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Russian Metals Tycoon’s Assets Nationalized Amid Criticism from Putin
Yury Antipov, a prominent Russian metals tycoon, has had his assets in a company producing a key component in steelmaking nationalized following criticism from President Vladimir Putin. Antipov, the owner of Russia’s largest ferroalloy company, was questioned by investigators in Chelyabinsk and subsequently released. The government seized his shares in Kompaniya Etalon, a holding company for three metals plants responsible for a significant portion of Russia’s ferroalloy production.
The move comes after Russia’s Prosecutor-General Office filed a lawsuit to seize Etalon, alleging that the company’s assets were illegally privatized in the 1990s and partially owned by entities from unfriendly countries. Putin, during a visit to Chelyabinsk, expressed dissatisfaction with the management of one of Etalon’s plants, citing environmental concerns and announcing plans to transfer the property to state ownership.
Despite Antipov’s ranking as the 170th richest Russian in Forbes’ 2021 list, his company’s nationalization is part of a wider trend of state seizures that have emerged since Russia’s invasion of Ukraine in 2022. Prosecutors have targeted assets based on allegations of illegal privatization, foreign ownership, or criminal activity, signaling a shift in the relationship between the Russian state and business sector.
Antipov’s ties to the United States have raised additional questions, as his sons own homes in the U.S. and may hold American citizenship. Changes in Russian laws following the Ukraine conflict now require Russian citizens with foreign residency or dual citizenship to obtain permission to own strategic assets. Failure to comply could result in nationalization, as seen in previous cases involving Russian businessmen.
The nationalization of Antipov’s company underscores the changing dynamics between the Russian government and business community, raising concerns about the future of private enterprise in the country. As Putin’s administration asserts control over strategic industries and assets, Russian entrepreneurs are facing increased scrutiny and the need to align with state interests in navigating a complex economic landscape.
