Poland freezes Russian national's stake in Azoty

Poland has appointed a temporary administrator to take control of a 20-percent stake that Russian oligarch Vyacheslav Kantor holds in the Azoty Group fertilizer producer, the minister of development and technology said on Tuesday.

"We have been eliminating the presence of Russians in the Polish economy step by step," said Waldemar Buda, adding that the process has been taking place through means of a reduced share of Russian fuels in the economy as well as by the limitation of Russian capital and influence.

Operating through three companies, namely, Norica Holding S.a.r.l.z. with a seat in Luxembourg, Opansa Enterprises Limited and Rainbee Holdings Limited with seats in Cyprus, Kantor has control of a 19.82-percent stake in Azoty.

"...as the three companies along with Kantor have been placed on a sanctions list prepared by the Polish Interior Ministry, Minister Buda decided to appoint a temporary administrator in the companies in order to take over their shares in Grupa Azoty," the Development and Technology Ministry reported on Tuesday.

"Poland's decision to appoint a temporary administrator to take control of a stake in the Grupa Azoty fertilizer producer owned by a Russian national is proof that Poland has been consistently getting rid of Russian influence," Jacek Sasin, the state assets minister, said later on Tuesday.

"This has been the third such decision concerning companies with a share of the Russian capital which has been sanctioned following Russia's invasion of Ukraine," Minister Jacek Sasin said.

"Earlier, similar decisions had been taken with regard to Novatek and EuRoPol Gaz," Sasin said in Chelm, eastern Poland.

According to Sasin, the decision deprives Kantor of the right to take part in decision-making processes concerning Azoty.

With his 19.82-percent stake, Kantor is the second largest shareholder after the Polish state which owns a 33-percent stake.