AkzoNobel’s Russian Subsidiaries Placed Under Temporary External Administration

AkzoNobel has taken note of a presidential decree signed by the President of Russia placing the company’s Russian subsidiaries under temporary external administration as of today.

Under temporary external administration, operational oversight is transferred to a designated external entity, while underlying ownership remains unchanged. 

AkzoNobel is currently reviewing the decree and assessing its implications. Russia represents less than 2% of AkzoNobel’s revenue and is not material to the company’s overall financial performance.

AkzoNobel remains committed to supporting its employees and safeguarding its interests as a shareholder of AkzoNobel’s Russian subsidiaries.

Following the EU sanctions introduced in 2022, AkzoNobel discontinued a significant part of its activities in Russia. The remaining operations have since been fully localized and ringfenced, operating independently without financial support from Akzo Nobel N.V.