In a recent presidential decree, President Vladimir Putin has ordered the seizure of Rolf Motors, Russia's largest car dealership, from exiled former lawmaker and billionaire Sergei Petrov. This move comes as the first confiscation of a Russian-owned business since Putin's order to invade Ukraine and seize the assets of Western companies pulling out of the country.

According to the decree, shares in the dealership will be transferred from the Cypriot company Delance Limited and Rolf Motors to Russia's Federal Property Management Agency, Rosimushchestvo. The action is reportedly related to allegations that Petrov, along with Rolf's managers, used fake documents to smuggle 4 billion rubles (about $43.6 million) to a Cyprus-registered company.

Petrov, who currently resides in Austria, vehemently denies the charges and believes that the criminal case against him is linked to his opposition to the Kremlin. As a member of the lower-house State Duma, he openly supported anti-government protests during Putin's re-election in 2011-2012.

This high-profile case has seen consequences beyond Petrov, as Rolf's former business development chief Anatoly Kairo was sentenced to 8.5 years in prison for the smuggling charges in September 2023.

Sergei Petrov, once ranked as Russia's 127th richest businessman by Forbes in 2021, had an estimated net worth of $950 million. With the seizure of Rolf Motors, his financial standing will likely be significantly impacted.

The move to seize Russia's largest car dealership raises concerns about property rights in the country, particularly for foreign investors. Since Putin's orders to invade Ukraine and the subsequent seizure of Western companies' assets, critics argue that Russia's business climate has become increasingly hostile.

It is important to note that the information for this news article was provided by The Moscow Times, an independent news source. However, the article also highlights that The Moscow Times has been branded as a "foreign agent" by the Russian government, which has been viewed as an attempt to silence independent journalism.

Despite these challenges, the journalists at The Moscow Times remain determined to provide accurate and unbiased reporting on Russia. They call upon their readers and the international community to support them in their mission to uphold the integrity of journalism.

As the situation surrounding Rolf Motors and Sergei Petrov unfolds, it will be crucial to monitor the implications for business and investors in Russia, as well as the state of press freedom in the country.

Disclaimer: The above article is based on the provided information and does not express any personal opinions or biases.