Putin Seizes Akzo Nobel's Russian Assets: What We Know About the Decree and $50 Billion in Broader Seizures

The specific assets transferred

The decree covers shares or stakes in the following entities :

• AO "Akzo Nobel Decor" (shares in this joint-stock company)
• OOO "Akzo Nobel Coatings" (stake in this limited liability company)
• OOO "Akzo Nobel Lakokraska" (stake in this limited liability company)
• OOO "Norion" (stake in this limited liability company)

These entities are responsible for manufacturing and selling decorative paints (including the well-known Pinotex brand), industrial coatings, and related products in Russia . While ownership technically remains with the parent company, Russia has previously converted such temporary administration into effective permanent control, as seen with Carlsberg and Danone .

Akzo Nobel's Contradictory Status in Russia (2022-2026)

Akzo Nobel's position in Russia since the invasion of Ukraine has been complex and, according to investigative reports, contradictory.

The official story: Scaling back

• March 2022: CEO Thierry Vanlancker stated the company's four Russian plants would likely cease operations within weeks due to sanctions and raw material shortages . The Yale CELI list categorized the company as having "suspended new investments" .
• Company statements: AkzoNobel publicly states it has discontinued Marine, Protective & Yacht Coatings, Vehicle Refinishes, Automotive Coatings, Aerospace Coatings, and parts of its Industrial and Powder Coatings businesses in Russia . It claims the residual business is fully "localized" and receives no financial support from the parent .

Investigative findings: A growing business

Despite the official narrative, investigative reports paint a different picture:

• Profitable operations: In 2024, reports based on annual reports of AkzoNobel's Russian subsidiaries found that its Russian operations actually grew after the invasion. The company paid approximately €16 million in profit tax to the Kremlin over the first two years of the war .
• Continued manufacturing: It continued manufacturing decorative paints, including for Russian state-linked entities, under the Pinotex brand . This made it one of the largest foreign paint manufacturers still operating in Russia .

In short: AkzoNobel halted some specialized coatings but maintained a significant and profitable decorative-paints business in Russia, which the Kremlin placed under external administration in July 2026.

The Broader Pattern: Russia's Asset Seizures Since 2022

Since February 2022, Russia has systematically seized or placed under state control the local assets of Western companies from "unfriendly countries." The pattern began with high-profile targets and expanded into consumer goods and manufacturing.

Key examples of asset seizures

• Carlsberg (Denmark): Its Russian breweries were seized by presidential decree in July 2023 .
• Danone (France): Its Russian dairy operations were seized under the same July 2023 decree .
• Rockwool (Denmark): Its assets were transferred to the same management company that now controls Akzo Nobel .
• Hundreds of others: From energy and finance to construction materials and paints, hundreds of foreign-owned businesses have faced nationalization claims, forced sales at steep discounts, or temporary administration orders.

How much are these seizures worth?

The total value of Russian asset seizures is a matter of debate, with different sources measuring different things. The table below summarizes the most credible figures, all backed by provided sources.

The $50 billion figure from NSP research (cited by Reuters and Business Insider) is the most commonly referenced estimate specifically for assets seized by Russian authorities . The much larger $167 billion figure from the KSE Institute captures the full financial impact on foreign companies, including asset write-offs and distressed exits .

Key Caveats and What Comes Next

• Temporary vs. Permanent: The Akzo Nobel decree is technically "temporary external administration," not nationalization. However, Russia has a track record of converting this into effective permanent control, as with the Danone and Carlsberg assets, which were later put up for sale under state direction.
• Date Confusion: The user query referenced a "July 2025" decree, but all primary sources place the decree in July 2026 . There is no evidence of a separate July 2025 decree targeting Akzo Nobel specifically.
• Methodology Matters: The widely varying total seizure figures ($21.5 billion, $28.7 billion, $50 billion, and $167 billion) are not contradictory. They measure different things—from state takings through court processes to total foreign-company losses.

The seizure of Akzo Nobel's Russian assets is a single data point in a much larger economic story: the systematic transfer of foreign-owned assets to state control, which has become a central feature of Russia's wartime economy.