Russia Seizes Local Assets of Canpack and Rockwool

On January 14, 2026, Russian authorities announced the seizure of local assets belonging to Canpack, a Polish-American aluminium packaging company, and Rockwool, a Danish insulation manufacturer. Under a decree signed by President Vladimir Putin, the Russian industrial firm Stalelement was appointed to oversee Canpack's operations, while JSC Razvitie Stroitelnykh Aktiv took control of Rockwool's assets. This move is part of a broader trend of asset seizures targeting companies from nations deemed "unfriendly" by Russia, particularly those supporting Ukraine.

Brussels SignalRussian assets by two major European firms get seized by MoscowRussia takes control of local assets of aluminium packaging group CanpackNotes from Poland

Founded in 1992 in Kraków, Canpack is one of the largest producers of aluminium containers globally, controlling approximately 30% of the Russian market for aluminium drinks containers. The company operates manufacturing facilities in several regions, including Moscow and Rostov, and is part of Giorgi Global Holdings, a US-based entity. Canpack has been listed by Yale University among Western companies that continued operations in Russia following the full-scale invasion of Ukraine in 2022.

Russia takes control of local assets of aluminium packaging group Canpack

In response to the asset seizure, Canpack confirmed it had been informed of the presidential decree and stated, “For 30 years, Canpack Group companies in Russia have operated in accordance with applicable law, fulfilling their obligations to employees and customers.” The company is currently assessing the legal, operational, and financial implications of the Russian government's actions and intends to protect its rights and business continuity. Rockwool also expressed its intention to contest the seizure, stating it would defend its legal rights under the bilateral investment treaty but noted a lack of optimism regarding the reversal of the decision.

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The seizure has drawn criticism from various quarters, including Krzysztof Lisek, a former member of Poland's Civic Coalition party. He expressed surprise that Canpack continued its operations in Russia, questioning whether the pursuit of profit had clouded judgment regarding the risks of operating in a country with a questionable legal framework. This sentiment reflects a broader concern among Polish officials and citizens regarding the implications of doing business in Russia amid ongoing geopolitical tensions.

Notes from Poland

The actions against Canpack and Rockwool are seen as part of Russia's strategy to address budget shortfalls exacerbated by Western sanctions. Since the onset of the conflict in Ukraine, Russia has increasingly nationalized foreign assets, a practice that has raised alarms about the security of investments in the country. The situation highlights the precarious position of foreign companies operating in Russia and the potential consequences of geopolitical conflicts on international business operations.

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While the Russian government has not provided an official rationale for the asset seizures, reports suggest that the actions are increasingly directed at firms from countries perceived as hostile. This lack of transparency raises questions about the future of foreign investments in Russia and the legal recourse available to affected companies.

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• “For 30 years, Canpack Group companies in Russia have operated in accordance with applicable law, fulfilling their obligations to employees and customers.” — Canpack Statement

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• “We will defend our legal rights under the bilateral investment treaty,” — Rockwool Statement

Russian assets by two major European firms get seized by Moscow

• “How was it possible to be so naive as to believe that Russia is a state of law?” — Krzysztof Lisek, Former MP

Notes from Poland