Putin seizes control of Russia’s major airports from foreign investors

Russian President Vladimir Putin has signed a presidential decree stripping foreign investors of St. Petersburg’s Pulkovo Airport of their right to participate in its management. All foreign investors’ holdings will be transferred to the new Russian entity. Fraport, which operates Germany’s Frankfurt Airport, and a Qatari wealth fund have invested in the airport.

According to a presidential decree issued late on November 30, all shares of the airport’s operating company, which was previously registered in Cyprus, will be transferred to a new Russian company. Existing investors, including the Emirate of Abu Dhabi’s sovereign wealth fund (SWF) and a consortium that includes Mubadala Investments, will be able to continue holding shares, but will lose voting rights.

The decision was made because of “violations of obligations by certain foreign entities that threaten Russia’s national interests and economic security,” the executive order said. Putin has instructed the government to create a new management organization to run Pulkovo Airport.

In retaliation for sanctions imposed by the West over its invasion of Ukraine, Russia continues to expropriate the Russian business of companies from countries it considers unfriendly. So far, it has taken over the Russian factories of France’s Danone and Denmark’s Carlsberg, leaving their management to Putin supporters.