Japan Tobacco says its assets have been taken over—does this constitute a long-term lease under temporary custody?

Japanese Firms’ Industrial Assets in Russia Placed Under Temporary Control

According to a report by Reuters in Tokyo on November 6, Japan Tobacco International (JTI) announced on the same day that, pursuant to a Russian presidential decree, four of its manufacturing subsidiaries operating in Russia have been placed under temporary supervision.

Japan Tobacco is currently verifying details and assessing the potential impact on the companies’ future operations.

The temporary oversight of assets held by Japan Tobacco’s Russian subsidiaries was included in a presidential decree issued by Russian President Vladimir Putin on November 5. Under the decree, management rights over JTI’s four companies’ “industrial assets” in Russia will be transferred to Russian entities.

Original source: toutiao.com/article/1881067347121291/

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