Ariston regains control of Russian unit after Putin reverses seizure decision

Italian water heating company Ariston Holding has regained control of its Russian subsidiary after President Vladimir Putin annulled a previous decision to seize it.

The Russian government had taken control of several Western companies' assets in April 2024, including Ariston’s Russian unit, as part of what it described as a response to “hostile actions” by the United States and its allies amid ongoing Western sanctions over the war in Ukraine, Caliber.Az reports via foreign media.

"On March 26, 2025, Presidential Decree No. 176 of the Russian Federation reinstated Ariston Holding N.V. into the possession and full management of the shares of its Russian subsidiary," the company said in a statement.

Paolo Merloni, executive chairman of Ariston, welcomed the decision, stating, “We intend to resume activities with our Russian local leadership, adhering fully to existing sanctions, and continue our legacy in the country.”

Ariston’s board is now set to review its previous decision from August 2024 to deconsolidate the Russian unit, Ariston Thermo Rus, and record related losses.

Italy’s Foreign Ministry also praised the reversal, highlighting diplomatic efforts behind the decision.

“The (Russian) decision was the result of extensive work conducted by the Foreign Ministry, the Italian Embassy in Moscow and the Italian system,” the ministry said.

The statement further noted that "some important Italian and European business associations active in Russia" had also played a role in advocating for Ariston.

By Vugar Khalilov