According to the decree, German energy company Uniper’s shares in its Russian subsidiary Unipro and shares in Russian subsidiaries of Finnish energy company Fortum are among foreign assets that can be transferred to Rosimushchestvo.
The preamble to the decree states it is caused by "the need to take urgent measures" in response to illegal US actions and those of other countries aimed at the deprivation or restriction of property rights of the Russian Federation, its companies and citizens.
"Financing of expenses related to temporary management of property is carried out at the expense of income from its use. Temporary management of property is terminated by a decision of the President of the Russian Federation," the decree writes.
Movable and immovable property, securities, shares in authorized capitals, and property rights may fall under temporary administration. The Rosimushchestvo is appointed temporary manager of such assets, but another entity can be appointed by the president's decision. The interim manager exercises the powers of the owner of these assets, with the exception of the power to dispose of property.
According to the decree, 83.73% of Unipro's assets, 69.8807% of Fortum's assets owned by Fortum Russia, and 28.3488% of the company's assets owned by Fortum Holding were transferred to temporary management of Rosimushchestvo.
As of February 2023, the confiscated property of Fortum was estimated at 1.7 billion euros ($1.87 billion), according to the company's financial report.
The company said on February 7 that Russian assets were impaired by about 990 million euros, and the value of Russian net assets after the impairments totaled some 1.7 billion euros. As of April 25, Fortum's market capitalization was 12 billion euros, according to the company's website.
In May 2022, Fortum announced its decision to withdraw from the Russian market and the sale of its assets. However, Putin's decree, signed on August 5, 2022, prevented Fortum from completing the sale of its assets in Russia.