Akzo Nobel: AkzoNobel assesses impact after Russia places subsidiaries under temporary administration

Russia accounts for less than 2% of AkzoNobel's revenue AkzoNobel is reviewing the implications of a presidential decree in Russia that has placed the company's Russian subsidiaries under temporary external administration. The move transfers operational oversight of the subsidiaries to a designated external entity, while ownership of the businesses remains unchanged. AkzoNobel said it is assessing the decree and its potential impact. Russia accounts for less than 2% of AkzoNobel's revenue and is not considered material to the company's overall financial performance. The company said it remains focused on protecting its employees and safeguarding its interests as shareholder of its Russian subsidiaries. "Following the EU sanctions introduced in 2022, AkzoNobel discontinued a significant part of its activities in Russia," the company said. The remaining operations have since been fully localized and ringfenced, operating independently without financial support from AkzoNobel N.V. AkzoNobel said it will continue to monitor developments while evaluating the consequences of the latest action by Russian authorities.