The giant's Russian assets are under the control of the Kremlin. Millions are flowing into the war money
The international concern Canpack, existing for over 30 years, has its roots in Poland, but is also related to a holding from Pennsylvania (USA). In Russia, the company is responsible for approximately 40 percent. aluminum beverage can market. In January 2026, information was revealed that control over the company's Russian assets was taken over by the Russian authorities pursuant to a decree signed by President Vladimir Putin on December 31, 2025. Canpack's Russian business is valued at approximately USD 700 million. “I completely lost control of the company,” CEO Peter Giorgi told Fox News Digital.
Alexander Kolyandr, a fellow at the Center for European Policy Analysis, told Fox News that “Canpack is not alone.” In his opinion, this move by the Kremlin is only part of the planned changes on the Russian market and a “warning signal” for companies that Russia considers “unfriendly”.
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Expert on acquisitions in Russia: Canpack is not alone
According to Fox News, Canpack has had no access to or information about its Russian operations since January, and several senior executives — including its CEO and CFO — were ousted after the acquisition. The company – including several factories in Russia – is controlled by Stalelement, which Canpack representatives describe as a “shell” linked to the Russian government. The company has reported the issue to U.S. officials, but no formal action has been taken so far.
Meanwhile, the money from the acquired company fuels, among others, Russia's war machine. The Russian daily “Vedomosti” reported in February that the Russian branch of Canpack donated approximately 500 million rubles to a fund supporting Russian military activities in Ukraine. According to reports from the company, approximately USD 18 million. was directed to war-related funds, and an additional approximately $6 million transferred to the Russian Orthodox Church.
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Canpack did not completely withdraw from the Russian market after the invasion of Ukraine, it only suspended investments. Giorgi revealed in an interview with Fox News that the sale of Russian assets was considered, but a buyer could not be found. “We decided to stay the course,” he said.
A similar fate as in the case of Canpack also befell the Danish company Rockwool – a manufacturer of insulating materials, and previously – among others. Danone and Carlsberg. According to expert Alexander Kolyandra, we are dealing with a large-scale Russian plan covering many companies. — [Rosja] it sends a signal throughout the system that if you don't follow the rules, your property could be taken away, an expert says. He emphasizes that – in his opinion – it is more about the threat of taking over many profitable companies than about supporting the war budget, although this practice certainly also generates income for the state. “We're talking about dozens of companies,” he emphasized in an interview with Fox News.
