Russian Agricultural Bank takes over management of Glavprodukt

MOSCOW. Feb 6 (Interfax) - Glavprodukt Holding, which was transferred to the government under court order, has come under the management of Russian Agricultural Bank (RSHB).

The Unified State Registry of Legal Entities (USRLE) indicates that Promselkhozinvest LLC, the management company of the main legal entity, has become RSHB-Finance LLC.

The holding's assets were transferred to the temporary management of the Federal Property Management Agency (Rosimuschestvo) by presidential decree in October 2024.

The Prosecutor General's Office filed a lawsuit in March 2025 against the U.S.' Universal Beverage Company, which owned Glavprodukt, and its shareholder, Leonid Smirnov, seeking the seizure of the holding's main assets by the government. The lawsuit was upheld in July. The Arbitration Court of the Moscow District in January this year upheld the lower courts' rulings upholding the Prosecutor General's Office's lawsuit against Universal Beverage Company.

The court documents stated that the claim was "to protect public interests to ensure the country's economic sovereignty, thus recognizing transactions as invalid/null and collecting funds on behalf of the Russian Federation."

The Vedomosti publication reported that the Prosecutor General's Office also accused Smirnov of siphoning off nearly 1.4 billion rubles into accounts at the U.S.' JPMorgan Chase in addition to demanding the seizure of the group's key companies for government control. Temporary constraints to block capital outflow were ignored.

Founded in 1999, Glavprodukt Holding estimates its share of the Russian canned meat market at around 10%, dairy products at around 7%, and fish products at up to 3%.