The European Union's member-states on Friday adopted the ninth package of sanctions against Russia due to its aggression on Ukraine, and SBK ART, a company which holds over 43% interest in Fortenova, a leading Croatian food and retail group, is among the blacklisted companies.

SBK ART, whose majority owner is Russia’s Sberbank, is added to the list at Croatia’s proposal.

The sanctions imply the freeze of the property and assets of the blacklisted entities in the EU, and the explanation for the SBK ART reads that the company was founded for the purpose of the transfer of the stake which Sberbank has held in Fortenova.

Sberbank retains control over SBK ART although the company’s new owner is reportedly a businessman from the United Arab Emirates.

In early November, Sberbank reported that it had sold its 43-percent stock in Fortenova Group to businessman Saif bin Marhan Alketbi. After that breaking news, Fortenova immediately stated that the transaction was not conducted in line with the European laws and regulations.

Croatia’s Foreign and European Affairs Ministry State Secretary Frano Matusic confirmed on Friday that the 9th package of the sanctions included SBK ART.

He informed the press that Croatia had initiated the procedure for blacklisting this company.

All our evidence hints at the fictitious transaction and that no money has been paid from the UAE for this transaction of the takeover of SBK ART, said Matešić.

We have made thorough preparations to provide good evidence to have this company on the list of sanctioned entities, he said adding that the Dutch authorities had supported Croatia’s efforts.

Saif Alketbi, the said investor from the United Arab Emirates, bought a 43.4% stake in the Dutch holding company Fortenova Group, the sole stakeholder of Fortenova Grupa d.d., without having sought the approval of Croatian and Dutch authorities.

According to the latest EU sanctions, as of today EU nationals will be forbidden from holding any posts on the governing bodies of all Russian state-owned or controlled legal persons, entities or bodies located in Russia.

Individual listings

In addition to economic sanctions, the Council decided to adopt a comprehensive package of individual measures both in number and content, with a list of a very significant number of additional individuals and entities.

The EU said on Friday that “today’s decision imposes new export controls and restrictions on dual-use goods and technology as well as goods and technology that can contribute to the technological enhancement of Russia’s defence and security sector by significantly expanding the list of entities connected to Russia’s military and industrial complex by additional 168 entities targeted by sectoral measures.”