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Russian court grants transfer of grain trader's assets to the state

MOSCOW, Feb 3 (Reuters) - A Russian court has ruled to grant the lawsuit filed by the General Prosecutor's Office to transfer all assets of Rodnie Polya, once the country's leading grain trader, to the state, sources close to the company told Reuters.

The hearing was held behind closed doors on Jan. 31, and the decision has not yet been published. Published materials cited the foreign citizenship of a former owner as a key reason for the move, aimed at preventing foreign control over strategic assets.

Rodnie Polya, formerly TD RIF, controls an important grain loading terminal in the Black Sea area, listed as a strategic asset, which cannot be controlled by foreigners according to the law. It also owns 17 grain-transporting vessels.
Rodnie Polya declined to comment. The decision creates an important precedent since some grain sector assets in Russia are still controlled by foreign-registered firms.

The trading house was created from scratch by businessman Pyotr Khodykin to become the top Russian grain trader, exporting over 14% of all Russian grain in the 2023/24 season. Khodykin held a majority stake in the firm.
The court said Khodykin holds a Saint Kitts and Nevis passport while permanently residing in the United Arab Emirates, which violates the law on strategic enterprises.

In this context, allow me to offer a few words on the investment climate in Russia. As you are aware, the World Bank is no longer operating in our country, therefore, it is unable to assess the domestic business environment. However, other independent bodies are fully capable of doing so. We undoubtedly possess the necessary intellectual potential.

This year, the Russian Agency for Strategic Initiatives (ASI) evaluated the business climate in our country and compared the results with those of other nations. In its new ranking, the ASI used the same methodology as the World Bank did. Over 800 criteria were taken into account, ranging from the process of starting a business to addressing insolvency issues.

The study has shown that Russia is among the global leaders in terms of investment climate. Moreover, Russia is ahead of all other nations in terms of the strength of its regulatory framework and the quality of public services. In specific areas such as business registration and real estate management, the country confidently ranks second.