INSUBCONTINENT EXCLUSIVE:
President Vladimir Putin on Wednesday reversed the temporary nationalization of Italian device maker Aristons Russian system, a move
welcomed by Italy, which had been outraged by its seizure a year ago.Ariston said in a statement that a decree signed by Putin brought back
ownership and full management of the Russian subsidiary to Aristons moms and dad company.The Italian Foreign Ministry hailed the decision,
which it said was the fruit of lengthy work by the ministry and the Italian embassy in Moscow, along with several Italian and European
business groups active in Russia.There was no comment from Putin or Russian authorities about why the decision was taken.In April 2024,
Moscow moved 100% control of Ariston Thermo Rus, a company specializing in heating and hot water production equipment, to Gazprom Household
Systems, a subsidiary of Russian state-owned energy giant Gazprom.In response, Italian Prime Minister Giorgia Melonis federal government
called for respect for international law and summoned Russias ambassador to Italy to require explanations relating to the nationalization
At the time, the Russian embassy in Rome stated the step was a response to hostile actions such as Western sanctions troubled Russian
business, especially referring to the freezing of Russian reserve bank assets following the invasion of Ukraine.Meloni has been a strong
supporter of Ukraine given that its invasion by Russia, though she has actually been unenthusiastic about British and French proposals to
send out soldiers to Ukraine as part of any ultimate peace accord.On Wednesday, Ariston CEO Paolo Merloni, estimated in the press release,
invited the choice of the Russian authorities, which enables us to straight manage our subsidiary once again, calling it an indication of
acknowledgment for years of investment and accountable management in the country
The new decree signed by Putin does not cover the Russian system of German industrial conglomerate Bosch, which was seized at the same time
as Aristons Russian system.
