Putin Takes Away Foreign Investors’ Rights To St. Petersburg Airport

President Vladimir Putin ordered the transfer of rights to managing Russia’s second-busiest airport from foreign shareholders that include Germany’s Fraport AG and the Qatari wealth fund by shifting their stakes into a new domestic entity.

Shareholdings in the Cyprus-registered concession that runs St. Petersburg’s Pulkovo airport will be consolidated in a new Russian company under a decree published late Thursday.

Existing investors, which also include a consortium with Abu Dhabi sovereign fund Mubadala Investment Co., will retain their stakes but won’t be able to vote because those rights will be held only by Russian shareholders in the new company.