Russia Seizes CANPACK’s $700 Million Russian Unit From Pennsylvania‑Linked Owner
Russia has placed the Russian operations of CANPACK, a global aluminum can maker owned by a Pennsylvania‑based holding company, under "external administration" by presidential decree, effectively stripping the U.S.-linked owner of control over a business valued at about $700 million. The Dec. 31, 2025 order signed by Vladimir Putin transferred 100% of the Russian subsidiary’s shares to state‑appointed managers, who took over in mid‑January and removed senior executives while barring the parent company from any direct access or communication. CANPACK’s Russian arm, which has operated in the country for nearly 30 years and controlled an estimated 35%–40% of its beverage‑can market, is now overseen by a government‑linked entity that company officials describe as a shell vehicle, and U.S. appeals have so far produced no formal response. The takeover uses a 2023 Russian legal framework that allows "temporary" state control of certain foreign‑owned assets, even as Putin’s investment envoy Kirill Dmitriev is in Washington pitching a Ukraine settlement and future economic cooperation to Trump administration officials — a juxtaposition that has analysts warning about heightened expropriation risks for Western firms that stayed in Russia. Russian business daily Vedomosti has reported that CANPACK’s Russian division donated about 500 million rubles (around $18 million) to a pro‑Kremlin fund backing Russia’s war in Ukraine, underscoring how seized Western assets can be repurposed to support the conflict.
📌 Key Facts
- Putin signed a Dec. 31, 2025 decree placing CANPACK’s Russian business under state "external administration," transferring control of 100% of its shares.
- CANPACK’s Russian operations are valued at roughly $700 million and held an estimated 35%–40% share of the country’s aluminum beverage can market.
- State‑appointed administrators took control in mid‑January, removed senior executives and have blocked the parent company from accessing or directing the business as of April.
- The seizure relies on a 2023 Russian law allowing temporary state control of certain foreign‑owned assets.
- Putin’s foreign‑investment envoy Kirill Dmitriev is simultaneously in the U.S. meeting Trump administration officials about a potential Ukraine peace deal and future economic ties.
- Russian outlet Vedomosti reported CANPACK’s Russian unit donated about 500 million rubles (~$18 million) to a pro‑Kremlin fund supporting Russia’s war effort.
📊 Relevant Data
Since Russia's full-scale invasion of Ukraine in 2022, the Kremlin has nationalized or seized approximately 3.9 trillion rubles (about $50 billion) worth of assets from foreign companies.
Russia Has Seized $50 Billion of Assets Amid Pressured Wartime Budget — Business Insider
Western countries have frozen approximately $300 billion in Russian sovereign assets since the 2022 invasion of Ukraine, prompting retaliatory seizures by Russia.
What is the status of Russia's frozen sovereign assets? — Brookings Institution
In 2025 alone, 80 foreign companies exited the Russian market amid an intensifying practice of forced asset seizures by the Russian government, with examples including Rockwool and CanPack.
80 Companies Exit Russia in 2025 as Forced Seizures of Foreign Assets Intensify – KSE Institute Analysis — Kyiv Post
Over 1,500 companies have voluntarily curtailed operations in Russia since the February 2022 invasion of Ukraine, with many citing geopolitical risks and sanctions.
Over 1,000 Companies Have Curtailed Operations in Russia—But Some Remain — Yale School of Management
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