AkzoNobel’s Russian subsidiaries placed under temporary external administration
AkzoNobel has taken note of a presidential decree signed by the President of Russia placing the company’s Russian subsidiaries under temporary external administration as of July 13.
Under temporary external administration, operational oversight is transferred to a designated external entity, while underlying ownership remains unchanged. AkzoNobel is currently reviewing the decree and assessing its implications. Russia represents less than 2% of AkzoNobel’s revenue and is not material to the company’s overall financial performance.
The company remains committed to supporting its employees and safeguarding its interests as shareholder of AkzoNobel’s Russian subsidiaries.
Following the EU sanctions introduced in 2022, AkzoNobel discontinued a significant part of its activities in Russia. The remaining operations have since been fully localized and ringfenced, operating independently without financial support from Akzo Nobel N.V.
Akzo Nobel N.V.
