Russian billionaire Wiaczesław Kantor has regained control of nearly 20% of Grupa Azoty’s shares, but his rights remain frozen due to ongoing sanctions. Learn more about the latest developments in this unfolding story.
Kantor’s Control Restored Over Azoty Shares
Russian businessman Wiaczesław Kantor has reclaimed ownership of nearly 20% of the shares in Grupa Azoty, one of Poland’s largest chemical companies. This comes after the temporary management imposed on Kantor’s holdings was lifted in July 2023. Despite this development, the practical impact remains minimal due to the continuation of sanctions. The European Union and Polish authorities had previously frozen Kantor’s assets in April 2022 due to his close ties with the Kremlin, particularly with President Vladimir Putin.
Sanctions Keep Kantor’s Rights Frozen
Despite regaining ownership, Kantor cannot exercise any rights associated with his shares as they remain frozen under EU and Polish sanctions. The freezing measures apply to Norica Holding, Opansa Enterprises Limited, and Rainbee Holdings Limited—companies linked to Kantor that collectively hold 19.82% of Grupa Azoty’s shares. Grupa Azoty reassured stakeholders that the situation has reverted to its pre-July 2023 status, with no changes expected in the company’s operations due to the ongoing sanctions. Kantor’s influence on the company remains effectively neutralized, despite the formal ownership.