Foreign assets under temporary Russian management are probably funding military needs

Russian subsidiaries of foreign companies placed under temporary management have transferred billions of roubles for military needs, Bloomberg reports, as cited on 13 November 2026 by Meduza, an independent Russian publication operating from Latvia. The core information comes from Bloomberg’s investigation; its republication by other outlets does not constitute independent confirmation. At the time of publication, Flank had found no independent confirmation of the transfers described.

Billions of roubles for drones, transport and communications

According to Bloomberg, as cited by Meduza, the funds have mainly gone to the People’s Front, which buys drones, vehicles, communications equipment and other equipment for Russian troops. The agency cites around 2 billion roubles from the Russian subsidiary of Dutch paint manufacturer AkzoNobel and 1 billion roubles each from brewing company AB InBev Efes and electrical equipment manufacturer DKC.

There is an important qualification concerning retail chain Metro. A commitment to donate 1 billion roubles was made in October, writes The Insider, a Russian investigative publication operating outside the country. Roubles, not a confirmed completed transfer. This amount should therefore not be added to the funds already paid.

The Insider also reports 600 million roubles from the former Russian subsidiary of Danish insulation manufacturer Rockwool. For Poland’s Can-Pack, the publication cites reports in Vedomosti: 500 million roubles in February 2026 and a further 1 billion roubles in March. These are reported amounts, and Flank has not verified the underlying payment documents.

Foreign owners may have lost control over payments

According to an AkzoNobel statement reported by Bloomberg and cited by Meduza, the parent company has completely lost control of its Russian assets and learns about them only through media reports. This explanation applies to AkzoNobel and does not establish the position at the other companies.

In Flank’s assessment, the key risk in the mechanism described is the possibility that the management of civilian businesses could be used to secure additional military resources regardless of the foreign owner’s wishes. A company’s name alone does not prove that its headquarters approved the payments or that there is support from the country in which it is based.

The scale also matters. According to Meduza, Bloomberg compares these payments with expected Russian military spending of more than 17 trillion roubles in 2026. The funds described provide an additional channel for equipment and support, but there are no grounds for describing them as a principal source of war funding.

Payments and deliveries still need confirmation

Establishing the individual payments requires Bloomberg’s original report, payment documents and the recipient organisation’s accounts. Confirmation from that organisation of the specific amounts and purchases is also lacking.

Without information on quantities, recipients and the equipment actually delivered, the military impact cannot be assessed. The transfer of a particular sum does not in itself prove how many drones, vehicles or items of communications equipment reached the troops.