Russia Seizes Assets of Sergei Petrov's Rolf Dealership Over Alleged Illicit Money Transfers
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President Putin placed Russia's biggest car dealership, Rolf, under temporary state management. The company was founded by Russian businessman Sergei Petrov.
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The seizure comes after Moscow has taken control of several Western-owned assets in Russia in response to Russian assets being frozen abroad due to sanctions.
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Petrov, who lives in Austria, is accused by Russia of illegally moving money abroad, which he denies. He called the move devastating for Russia's investment climate.
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The Kremlin said the takeover was driven by commercial logic and the need to intervene in Rolf's offshore ownership scheme.
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Petrov signed a 2014 letter criticizing Russia's annexation of Crimea. Russian investigators have accused Rolf of buying shares at inflated prices since 2019.