Sanctions Stall Moldova’s Ownership Registration of KAMAZ Shares

Sanctions have blocked the Republic of Moldova’s access to KAMAZ

The Republic of Moldova is unable to finalise the registration of its ownership rights over the shares it holds in the Russian lorry manufacturer KAMAZ, due to the sanctions in force and administrative obstacles. This concerns 62,500 registered ordinary shares, representing 0.00883 per cent of the company’s share capital, which continue to appear on the balance sheet of the Ministry of Infrastructure and Regional Development.

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According to the Court of Auditors’ report on the audit of the Ministry’s consolidated financial statements for the year 2025, the value of the shares is approximately 1.45 million lei. The auditors highlighted the need to clarify their legal status and to transfer them to the administration of the Public Property Agency.

The shares were purchased in 1991 using funds from the republican budget. According to a decree of the Government of the Moldovan SSR dated 10 July 1991, 18 million roubles were allocated to the Ministry of Transport for this purpose. The securities acquired were designated as the property of the Republic of Moldova.

However, following changes to the structure of public administration, ownership of the shares was not re-registered in the name of the Public Property Agency. In 2021, the Ministry of Economy and Infrastructure attempted to transfer them to the agency, but the agency refused to accept them.

The situation was complicated by sanctions. KAMAZ, based in the city of Naberezhnye Chelny, Republic of Tatarstan, Russian Federation, was included on the European Union’s list of restrictive measures, which the Republic of Moldova also adopted. By a decision of the Inter-institutional Supervisory Council dated 5 March 2025, measures were imposed on the company providing for the freezing of funds, assets and economic resources, as well as a prohibition on making such resources available.

According to the State Chancellery’s explanations, the freezing of assets does not amount to their confiscation, but renders them unavailable for transactions whilst the restrictive measures are in force. Transactions involving these assets without the prior authorisation of the competent authority are prohibited.

In these circumstances, the Moldovan authorities have requested the support of the members of the Inter-institutional Supervisory Council to identify a legal means of clarifying the status of the shares and to determine whether the state can exercise its associated rights, including the right to collect dividends.

This story was translated with the assistance of artificial intelligence.The translation was also reviewed by the Logos Press editorial team.

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