AkzoNobel's Russian Subsidiaries Placed Under Temporary External Administration

AkzoNobel announced that the Russian government has placed its Russian subsidiaries under temporary external administration following a presidential decree signed by the President of Russia. Under this arrangement, operational control is transferred to a designated external administrator while ownership of the subsidiaries remains with AkzoNobel. The company said it is reviewing the decree and evaluating its potential implications. Russia accounts for less than 2% of AkzoNobel's total revenue and is not considered material to the group's overall financial performance.

AkzoNobel reaffirmed its commitment to supporting its employees and protecting its interests as the shareholder of its Russian subsidiaries. The company also noted that, following the European Union sanctions introduced in 2022, it significantly reduced its operations in Russia. The remaining business has since been fully localized and ringfenced, operating independently without financial support from Akzo Nobel N.V.

Source: AkzoNobel