Ariston Regains Control
On 26 March 2025, the President of Russia revoked the temporary external administration order imposed on Ariston Thermo Rus, restoring full control to its Italian parent company. Following this decision, Ariston Group management has announced its intention to resume operations in Russia in full compliance with existing sanctions.
This marks one of the first instances where a major Western company has regained control after being placed under temporary external administration, suggesting possible flexibility for firms ready to maintain operations despite geopolitical tensions.
Nizhpharm Case Raises Questions
In contrast, the 4 April 2025 Presidential decree transferring Nizhpharm — formerly part of German pharmaceutical group Stada — to domestic firm Farmirus presents a more complex scenario. Several aspects warrant attention:
- Sectoral Context
Unlike many industries subject to sanctions, the pharmaceutical sector has generally maintained operations in Russia. Most international drugmakers, including Stada, continued supplying essential medicines without interruption.
- Ownership Structure
Stada had recently restructured its Russian assets through Luxembourg-based Nidda Lynx S.a.r.l. in 2023, suggesting compliance with existing regulations. The decision to impose temporary external administration may reflect the authorities' concerns about ultimate beneficial ownership transparency and strategic importance of domestic pharmaceutical production.
- Managerial Capacity
Farmirus, the newly appointed temporary administrator, lacks comparable operational scale or experience in pharmaceutical manufacturing, raising practical questions about the transition.
Solstico Legal continues to monitor these developments closely and stands ready to assist you in navigating this evolving landscape.