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(Reuters) - After months of negotiations, Finland's Nokian Tyres was on the cusp late last year of finalising a 400-million-euro ($440.32 million) sale of its Russian business. Then Moscow changed the rules again. | 02:07am
Nationalising assets by presidential decree - a constant threat - was exploited in April with the seizure of assets owned by Finland's Fortum and Germany's Uniper. THE UNKNOWN Gaining government commission approval is very demanding, time-consuming and difficult, said Dr Peter Wand, a partner at Baker McKenzie in Frankfurt, who worked on Nokian Tyres' exit. The appraisal process, which requires a Russian evaluation of the business, was particularly lengthy, he said, with the ever-tightening sanctions regime demanding constant compliance checks.
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After months of negotiations, Finland's Nokian Tyres was on the cusp late last year of finalising a 400-million-euro ($440.32 million) sale of its Russian business. Then Moscow changed the rules again.