Putin places Japan Tobacco's Russian assets under temporary administration

What happened: Putin placed the Russian assets of Japan Tobacco International under temporary administration by decree, with stakes in four businesses transferred to Russian company Industrial Assets. Why it matters: JTI, which calls itself Russia's biggest tobacco manufacturer by sales volume, is the latest foreign company to lose control of local operations in a widening Kremlin crackdown. The decree gave no reason.

Putin placed the Russian assets of Japan Tobacco International under temporary administration by decree, with stakes in four businesses transferred to Russian company Industrial Assets.

JTI, which calls itself Russia's biggest tobacco manufacturer by sales volume, is the latest foreign company to lose control of local operations in a widening Kremlin crackdown. The decree gave no reason.