Russian court rules against Cypriot parent company in step towards forced redomiciling

A Russian court on Thursday suspended the corporate rights of Rusagro's Cypriot parent company in its main Russian subsidiary, paving the way for the farming conglomerate to effectively redomicile from Cyprus to Russia.

Many Russian companies are registered in Cyprus or the Netherlands. As Western nations discuss seizing Russian assets abroad, Moscow is keen to reduce possible foreign interference or leverage, particularly over economically important entities.

The Moscow region's arbitration court on Thursday ruled in favor of a claim brought by Russia's agriculture ministry, court filings showed.

Rusagro, one of Russia's largest agricultural firms, did not immediately respond to a request for comment.

In August, the company said that should the court rule in the agriculture ministry's favour, the Cypriot parent, Ros Agro Plc, would lose the ability to...