Kremlin-Seized Foreign Firms Channel Billions Into Putin’s War Chest

Russian subsidiaries of foreign businesses seized by the Kremlin are directing billions of rubles toward supporting Russia’s war in Ukraine, according to a Bloomberg investigation published on Friday, Nov. 13.

The businesses , whose operational control was transferred from foreign owners to Kremlin-backed entities, have made donations primarily to the All-Russia People’s Front (ONF), an organization established at Russian President Vladimir Putin’s initiative in 2011.

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Following the beginning of Russia’s full-scale invasion of Ukraine, the organization launched its “ Everything for Victory! ” campaign to collect resources for Russian troops.

The donations have reportedly financed drones, military vehicles, communications equipment and electronic warfare systems.

Bloomberg , citing company statements, charitable organizations and Russian media reports, said the former Russian operations of Danish insulation manufacturer Rockwool contributed 600 million rubles (around $7.3 million) to ONF. The funds were allocated for military equipment, including reconnaissance drones and electronic warfare systems.

Putin subsequently transferred management of the Russian businesses of Dutch paint manufacturer AkzoNobel and Italian-owned electrical equipment producer DKC Europe to the same manager, Timur Amirov. The two businesses later contributed a combined 3 million rubles ($36,440) toward military equipment purchases.

Other contributions included Belgian-Turkish brewer AB InBex Efes, which reportedly donated 1 billion rubles ($12 million) in 2026, and German retailer Metro AG, whose Russian operations pledged another 1 billion rubles in October 2026.

Russia’s foreign corporate seizures

Russia introduced its temporary management mechanism in April 2023 through Presidential Decree No. 302, allowing the state to transfer operational control of Russian subsidiaries of companies from countries Moscow considers “unfriendly,” while leaving formal ownership with foreign parent companies.

The mechanism has since been used in an expanding campaign against foreign businesses.

In September 2026, Putin transferred the Russian operations of Swiss food group Nestle, French retailer Auchan and several logistics and retail businesses to a Russian management company.

In October 2026, Reuters reported that 20 foreign-owned companies had been placed under temporary Russian administration . Three of them were linked to US businesses, while others were controlled by European companies.

In November 2026, Putin transferred the Russian assets of Japan Tobacco International (JTI) to a Russian management company.

Bloomberg noted that donations to military-support organizations remain relatively small compared with Russia’s overall wartime expenditure , which is expected to exceed 17 trillion rubles ($206 billion) in 2026.