(Reuters) -The European Union criticised Russia on Saturday for putting subsidiaries of one Italian and one German business under the “momentary external management” of a Gazprom (MCX:-RRB- entity, stating the relocation highlighted Moscow’s neglect for worldwide standards.
Russian President Vladimir Putin positioned the Russian subsidiaries of Italian water heating business Ariston and German device maker BSH Hausgeraete under JSC Gazprom Household Systems, according to a decree released on Friday.
“These procedures, targeting genuine financial activities, are yet another evidence of Russia’s neglect for global law and guidelines,” a representative for the EU’s diplomatic service stated in a declaration.
It stated the relocations validated that Russia, which is waging war on Ukraine, was “an unforeseeable star likewise in the financial field, and has actually developed a service environment which is approximate and hostile towards foreign financiers”.
“The European Union contacts Russia to reverse these steps and look for appropriate options with European business targeted by them,” the declaration stated.
Ariston stated on Saturday it was “exceptionally stunned” by the relocation and was examining the ramifications of the decree from a governance and supervisory viewpoint.