The assets of the French Air Liquide in Russia were transferred under the management of M-Logistics

Russian President Vladimir Putin has signed a decree transferring the Russian assets of the French industrial holding Air Liquide to the temporary management of M-Logistics. The document is published on the official Internet portal of legal information and comes into force from the moment of publication.

It follows from the decree that the decision was dictated by "the need to take urgent measures in response to unfriendly and contrary to international law actions of foreign states and international organizations" in order to protect the national interests, economic security and defense capability of the Russian Federation.

Thus, 100% of the shares in the authorized capital of eight Russian legal entities (Air Liquide, Air Liquide Alabuga, Air Liquide Balakovo, Air Liquide Kstovo, Air Liquide Kuzbass, Air Liquide Lipetsk, Sever Liquide Gaz, Air Liquide Ryazan") and a part of shares in two more companies (Logic, Air Liquid Severstal). The French side is suspended from managing these assets.

These enterprises are engaged in providing industry with technical gases, including oxygen, nitrogen and argon. They are critically important for industries such as metallurgy, petrochemistry, microelectronics, medicine, and rocket engineering.

In September 2022, the French holding company announced its withdrawal from Russia and intention to sell its local business, having carried out a complete write-off of Russian assets and deconsolidation of them in its financial statements. As follows from the data of the Ministry of Industry and Trade (available to Izvestia), the total share of Companies in the market of industrial gases (excluding manufacturers providing exclusively or mainly their own needs) is more than 60%.

The functions of the interim manager of these assets are assigned to ML LLC, a company headed by Artem Serebrennikov, who previously held senior positions in the Russian division of Air Liquide.

"The task of the interim management is to ensure the stable operation of the business in the interests of both the Russian economy and domestic consumers, which include strategic enterprises and participants in the state defense order. Our goal is also to preserve the staff of the Russian division," Artem Serebrennikov told Izvestia.

He expressed confidence that the measures taken would help maintain the stability of the industrial gases industry, which is critically important for the domestic industry, and ensure the continuity of technological processes at consumer enterprises.

The decree "On the temporary management of certain property" was adopted in April 2023. At the same time, the Federal Property Management Agency emphasized that the institute of external management makes it possible to ensure the uninterrupted operation of strategically important industries.

"External management (...) means that the original owner no longer has the right to make managerial decisions. The external manager receives powers that allow him to ensure the efficiency of enterprises in accordance with their importance for the Russian economy," the department noted.