The manufacturer of Solaris and Tenet cars — "AGR Holding", which manages the former Hyundai plants in St. Petersburg and Volkswagen in Kaluga, has changed its ownership structure. This happened after the previous controlling shareholder, Andrey Pavlovich, was sanctioned by the UK in February 2025.
The main block of shares (94.999%) has been transferred to "AK Invest", established in the spring of 2025. Information about the ultimate owners is hidden, which is permitted by law for companies under restrictions or at risk of their introduction.
Sanctions against Pavlovich were imposed due to his connection with the transport sector, which is of strategic importance to Russia. According to a representative of the holding, the change of ownership is necessary to ensure "anti-sanction sustainability" and will not affect operations.
Experts point out that a formal change of owners does not negate the interest of Western regulators, such as OFSI and OFAC, in actual control. Relations with Chinese suppliers also remain in question — companies from the PRC are increasingly including a clause in contracts on immediate termination if a partner is included in the US or EU sanctions lists.
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