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Russia Seizes Rockwool and CanPack Assets, Transfers Control to Kremlin-Linked Firms
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Russian leader Vladimir Putin has seized the Russian assets of Danish insulation maker Rockwool and Polish-American packaging producer CanPack and transferred them into the management of newly registered Russian companies, according to presidential decrees published on January 13 and signed on December 31, 2025, The Moscow Times reported.
Under the decrees, 100% of shares in LLC Rockwool and 68% in LLC Rockwool-Volga—both subsidiaries of Rockwool—were handed over to JSC Development of Construction Assets, a company registered in Moscow in autumn 2025 with undisclosed ownership.
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Russia’s StalElement company received full control of LLC Can-Pack and LLC Can-Pack Packaging Plant, the Russian operations of CanPack, which manufactures metal beverage containers, according to official documents reviewed by The Moscow Times.
Rockwool, the world’s largest producer of mineral wool insulation, entered Russia in the mid-1990s and operates several plants across the country, including in the Moscow and Leningrad regions, Chelyabinsk region, and Tatarstan.
The company faced criticism for remaining in Russia after the 2022 Russia’s full-scale invasion of Ukraine, arguing that a withdrawal would effectively hand its business to the Kremlin.
CanPack produces aluminum beverage cans and claims around 30% of Russia’s domestic market, with factories in the Moscow and Rostov regions operating since 2010, The Moscw
Bloomberg reported that shares of Rockwool plunged in Copenhagen after Putin ordered the seizure of the Danish company’s Russian assets.
The world’s largest stone wool insulation producer saw its stock fall by as much as 10%—the steepest one-day decline since August 20—and it was still down 7.9% by the evening of the same day.
Previously, it was reported that South Korean automaker Hyundai is not in a position to repurchase its former manufacturing plant in Russia, despite holding a buyback option that expires in January, according to Reuters.
The facility, located in Saint Petersburg, had been sold to Russia’s AGR Automotive Group in 2023 for a symbolic sum of 140,000 won (approximately $97 USD), as reported by the outlet.
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