According to a business announcement, the operation in Russia of aluminum can manufacturer CANPACK - linked to Pennsylvania (USA) - has been placed under the "external administration" mechanism under a decree signed on December 31, 2025 by President Vladimir Putin.
This move means that 100% of the company's shares in Russia are transferred to state-appointed managers.
CEO Peter Giorgi said that the company lost control of operations in Russia from mid-January 2026, after being taken over. According to him, the company currently no longer has actual operating rights for this unit.
CANPACK has been operating in Russia for nearly 30 years and once accounted for about 35-40% of the domestic beer aluminum can market share. The value of the business in Russia of the enterprise is estimated at about 700 million USD.
After being taken over, the business no longer has access to or direct contact with the operating system in Russia. Some senior leaders here, including local executives and financial directors, have been replaced.
According to related sources, the new managers appointed by the state are managing all business operations in Russia.
The takeover is carried out under the legal framework issued by Russia since 2023, allowing the government to place some foreign-owned assets under temporary management.
The decree named a legal entity named Stalelement as the unit supervising the business's operations. The business representative said that this is a legal entity with links to the Russian side.
As of April 2026, the mechanism of state takeover and management is still maintained, there is no information about restoring ownership or management rights for the business side.
The business said it had notified the US authorities of the incident, but no official measures have been announced.
CANPACK continued to maintain operations in Russia after the conflict in Ukraine broke out in 2022, while many other Western businesses withdrew from the market.
A business representative said that divestment is facing difficulties due to the large investment scale and not finding a suitable buyer.
In addition to CANPACK, some other foreign businesses have also been affected by similar measures in Russia in recent years.
The decree at the end of 2025 also applies to the branch in Russia of the Rockwool group (Denmark). Previously, companies such as Danone (France) and Carlsberg (Denmark) also recorded changes in control of assets in Russia.
This development occurs in the context of Russia and the US having contacts related to the possibility of future economic cooperation.
According to Fox News, Russian investment special envoy Kirill Dmitriev is having working sessions in the US with officials in President Donald Trump's administration, regarding economic issues and negotiations related to Ukraine.
