Kremlin seizes Danish company’s Russian assets
Moscow skyline (Photo: REUTERS/Evgenia Novozhenina)
Rockwool, a Danish construction material manufacturer, said that the Russian government has seized control of its four plants in Russia, Reuters reported on Jan. 13.
In a statement, the company said it plans to write off the value of its Russian business, which had equity of EUR469 million ($546 million) as of Dec. 31, 2025.
Despite the seizure, Rockwool said it will seek to protect its rights under the bilateral investment treaty between Denmark and Russia. However, it added it has little hope of overturning the decision to place its Russian assets under state management.
In 2023, Ukraine included Rockwool in the list international sponsors of war, citing the company’s decision to remain active in the Russian market after the 2022 invasion of Ukraine.
Rockwool has operated in Russia since 1995 through four local companies and owns plants in Moscow, Leningrad, and Chelyabinsk oblasts, with another facility in Tatarstan. Its Russian operations employ about 1,200 people, roughly 10 percent of its total workforce. Although Rockwool’s Russian affiliates do not hold direct government contracts, intermediaries supplied its products to state projects in 2023.
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