The Russia-based assets of Silgan Holdings, which manufactures metal packaging for food, have been transferred to temporary state management, according to a decree issued by President Vladimir Putin on July 11.

The decree stipulates that 100% of the stakes in Silgan Metal Packaging Stupino LLC, in the Moscow Region, and Silgan Metal Packaging NM LLC, in Adygea, as owned by Silgan Holdings enterprises, are now under the control of the Federal Property Management Agency (Rosimuschestvo).

Both companies’ respective financial statements indicate that the volume of business had begun to decline, with overall revenue falling to 3.6 billion rubles in 2022 from 4.3 billion rubles in 2021. Moreover, Silgan’s Russia-based enterprises were essentially inactive in 2023 as based on the financial indicators.