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A Moscow court ruled on Tuesday that the Russian state can seize the city’s second-largest airport from its billionaire owner, all but greenlighting the largest in a string of forced nationalisations enacted since the full-scale invasion of Ukraine.
Russia’s prosecutor-general had argued that Domodedovo airport’s owner Dmitry Kamenshchik and his business blockociate, Valery Kogan, were part of western efforts to undermine the Russian economy. They cited the two men holding foreign pblockports as proof.
The prosecutor-general’s office has expropriated dozens of Russian companies since 2022 — a process it says has returned billions of dollars to the state. Once seized, the blockets are then sold on to new buyers, many of whom are seen as having powerful connections.
Many of the companies seized were considered valuable for Russia’s war effort. Others seemed to have been targeted over the political views of owners who in many cases had left the country.
But Domodedovo stands out due to its size, prominence and the alleged political connections of Kamenshchik and Kogan, who for years had dodged attempts to take over the business.
Prosecutors alleged that Kamenshchik and Kogan had been “following the aggressive policy of western states to inflict a strategic defeat on the Russian Federation by damaging its economy”, because both held foreign pblockports. They also alleged that the two men had embezzled Rbs18bn ($230mn) abroad.
Both men have denied the charges. Kamenshchik is expected to appeal the case to the Supreme Court, which will make the final ruling on its fate.
Domodedovo’s press office didn’t immediately respond to a request for comment.
Investors had warned that the case could scare off any western companies considering a potential return to Russia — though talk of such efforts have cooled as peace talks stall.
Other blockets seized in the wave of expropriations include Russia’s largest magnesium producer, its biggest car dealer, top warehouse owner and a major grain exporter.
Fourteen years ago, the airport suffered a fatal suicide bombing that left 37 dead and dozens injured. A few months later, the company pulled a planned listing on the London Stock Exchange. Kamenshchik was later arrested over issues concerning airport security during the attack, but the charges were dropped within weeks.
The verdict comes as Russia prepares to host the annual St Petersburg International Economic Forum, which was once a destination for western dignitaries and the world’s leading business executives. This year, the forum will host just a handful of American investors with most foreign participants coming from “friendly” nations, such as China and Brazil.
[English News]
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