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Company profile

General Electric Company is an industrial company. The Company operates through its industrial segments, Power, Renewable Energy, Aviation and Healthcare, and its financial services segment, Capital. Its segments include Power, which serves power generation, industrial, government and other customers with products and services related to energy production; Renewable Energy, which provides solutions for renewable energy; Aviation, which includes commercial and military aircraft engines, and integrated digital components, electric power and mechanical aircraft systems; Healthcare, which provides healthcare technologies in medical imaging, digital solutions, patient monitoring and diagnostics, and drug discovery, and Capital, which is a financial services division. Its products include commercial and military aircraft engines and systems; healthcare systems and pharmaceutical diagnostics; wind and other renewable energy generation equipment; nuclear and other power generation equipment.

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Kremlin could seize Russian assets of U.S. companies, warns Moral Rating Agency

7:44 am ET July 18, 2022 (MarketWatch)
Print

By James Rogers

The Russian assets of major global corporations could be seized by the Kremlin amid the ongoing fallout from Russia's invasion of Ukraine, according to new research

The Russian assets of major global corporations could be seized by the Kremlin amid the ongoing fallout from Russia's invasion of Ukraine, according to new research.

With the war now in its sixth month, the Moral Rating Agency has released new data on 47 of the largest companies in the world, which it says have assets at risk. The Agency was set up to examine whether companies' promises of exiting Russia were realized, and its research includes both U.S. and overseas companies.

Moral Rating Agency founder Mark Dixon points to the Kremlin's recent move to tighten its grip on the Sakhalin-2 oil-and-gas project as evidence of its willingness to expropriate the assets of foreign companies. Russian President Vladimir Putin signed a decree ordering the Sakhalin Energy Investment Company to be transferred to a new Russian entity. The decree means that the Kremlin now has an effective veto over which foreign investors will be allowed to keep their stake in the project.

About 50% of Sakhalin Energy is owned by Russia's state-owned gas company Gazprom , which will be allowed to keep its stake. Shell has said it would sell its 27.5% stake in Sakhalin Energy. Japan's Mitsui and Mitsubishi hold 12.5% and 10% stakes, respectively.

See Now: Despite plenty of talk, many U.S. companies have still not fully exited Russia: Moral Rating Agency

"The decree demonstrates that Russia is not just willing to expropriate assets but is also positioning itself to engage in 'expropriation blackmail'," said Dixon, in a statement.

Among the companies it researched, The Moral Rating Agency identified General Electric Co. (GE), PepsiCo Inc. (PEP) and Boeing Co. (BA) as at risk of asset expropriation.

A General Electric healthcare manufacturer in Russia could be a target for the Kremlin, the Agency said. In response, GE directed MarketWatch to the company's statement on its Russian footprint issued in March.

"We are suspending our operations in Russia, with the exception of providing essential medical equipment and supporting existing power services to people in the region," it said, at that time. "We continue to work closely with the proper authorities to ensure compliance with sanctions as well as all laws and regulations."

See Now: Apple has ended imports of gold and tungsten from Russia

The Moral Rating Agency also highlighted a PepsiCo snacks facility in Novosibirsk and a dairy plant in Moscow as at risk.

In March PepsiCo suspended the production and sale of Pepsi Cola and its other global beverage brands, including 7-Up and Mirinda, in Russia. The food and beverage giant also suspended capital investments and all advertising and promotional activities in Russia.

Citing a PepsiCo spokesperson, the Just Food website subsequently reported that PepsiCo has suspended further investment on the recently-opened Novosibirsk plant.

PepsiCo's 2021 annual report lists the dairy plant in Moscow and also a food plant in Kashira, which is in the Moscow region.

See Now: Apple is not buying this Russian-sourced metal -- but here's why many companies may still be using it

PepsiCo has not yet responded to a request for comment from MarketWatch on the Moral Ratings Agency's research.

Boeing assets were also identified by the Agency as possible Kremlin targets. In its research, the Moral Rating Agency pointed to "Boeing subsidiaries, R&D facilities and joint ventures," as at risk of expropriation.

Following Russia's Ukraine invasion, Boeing suspended its operations in Moscow, as well as parts and maintenance support for Russian airlines. The Seattle Times reports that Boeing's Moscow Design Center employs more than 1,000 engineers.

See Now: Putin orders Sakhalin Energy to be transferred to a new Russian company, potentially pushing out foreign partners

Boeing has not yet responded to a request for comment from MarketWatch on the Moral Ratings Agency's research.

-James Rogers

	

(END) Dow Jones Newswires

July 18, 2022 07:44 ET (11:44 GMT)

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