The largest Russian canning producer, Glavprodukt Holding, has come under the management of the Russian Agricultural Bank (RSHB) following a series of court decisions and a presidential decree. The company, transferred to the government in October 2024 through the Federal Agency for State Property Management (Rosimuschestvo), now operates via RSHB-Finance LLC, which replaces its former management company, Promselkhozinvest LLC.
The transfer follows a lawsuit initiated in March 2025 by the Russian Prosecutor General’s Office against Universal Beverage Company—an American company that owns Glavprodukt—and its shareholder Leonid Smirnov, with the aim of confiscating the group’s main assets. In July 2025, and subsequently confirmed in January 2026 by the Moscow District Arbitration Court, it was ratified that previous transactions were null and void, arguing the need to protect public interests and the country’s economic sovereignty.
According to reports from Vedomosti, the Prosecutor’s Office also accused Smirnov of diverting nearly 1.4 billion rubles to JPMorgan Chase accounts, in addition to requesting the seizure of the group’s main companies to ensure state control. Temporary measures to block capital outflow were not respected.
Founded in 1999, Glavprodukt Holding holds an estimated 10% share in the Russian canned meat market, approximately 7% in dairy products, and up to 3% in fish products, consolidating its position as a key player in the country’s canning sector.
