Italy's Ariston says Putin has given back its Russian unit

Ariston Holding

26/03/2025 17:40

March 26 (Reuters) - Italian water heating firm Ariston Holding ARIS.MI said on Wednesday it had returned into possession of its Russian unit after President Vladimir Putin annulled last year's decision to seize it.

Russia had seized control of the assets of a handful of Western companies, including the Ariston unit, in April 2024,  saying at the time it a "response to hostile actions" by the United States and its allies in the context of Western sanctions linked to the war in Ukraine.

"On March 26, 2025, Presidential Decree No. 176 of the Russian Federation reinstated Ariston Holding N.V. into the possession and full management of the shares of its Russian subsidiary," the Italian company said in a statement.

Paolo Merloni, executive chairman of Ariston, welcomed the decision.

"We intend to resume activities with our Russian local leadership, adhering fully to existing sanctions, and continue our legacy in the country," he said in a statement.

Ariston said its board would need to review its earlier

decision, made in August last year, to deconsolidate its Russian unit, called Ariston Thermo Rus, and record the associated losses.

 (Reporting by Laura Contemori, editing by Alvise Armellini and David Evans)

 ((Laura.Contemori@thomsonreuters.com;))