Russia takes control of local assets of aluminium packaging group Canpack

Russia has taken control of the local assets of Canpack, one of the world’s largest producers of aluminium containers. Under a decree signed by President Vladimir Putin, the assets were placed under “temporary external management,” with Russian company Stalelement appointed to oversee them, according to state news agency TASS.

Canpack was founded in 1992 in Kraków and operates manufacturing plants across Asia, the Middle East, North and South America, and Europe. The company is part of US-based Giorgi Global Holdings. In Russia, Canpack controlled around 30 per cent of the aluminium drinks container market. The company is also listed by Yale University among Western companies that have continued to operate in Russia since the full-scale invasion of Ukraine.

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At the same time, Russian authorities also took control of the local assets of Danish firm Rockwool, the world’s largest producer of mineral wool insulation. No official reason was given for either decision. However, Polish broadcaster RMF FM reported that such actions are increasingly directed at companies from countries regarded by Russia as “unfriendly,” including Poland, one of Ukraine’s most vocal supporters.

In a statement to Polish news website Onet, Canpack confirmed it had been informed of the presidential decree. The company said its businesses in Russia had operated in compliance with applicable laws for 30 years, meeting obligations to employees and customers. It added that it is assessing the legal, operational and financial consequences of the decision and intends to take all possible measures to protect its rights, property ownership and business continuity.

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Rockwool said it would contest the decision and defend its legal rights under the bilateral investment treaty, while noting it was “not optimistic about reversing the decision.” The company’s shares fell 8% on Tuesday following reports of the takeover.

The move prompted reaction in Poland, where Krzysztof Lisek, a former MP from the ruling Civic Coalition, said he was surprised that Canpack had continued operating in Russia at all. In a social media post, he questioned whether the pursuit of profit had influenced that decision.