Arbitration Court of Moscow Region orders IKEA to pay $140 million to Russia

18.05.2024, Moscow.

The Arbitration Court of Moscow Region issued a ruling recognizing the transfer of money abroad for IKEA goods remaining in Russia as immoral, the press service of the Arbitration Court said on May 18, according to Kommersant.

The court recognized the transaction as “repugnant to the foundations of law and order or morality” and ordered the Russian representative office of IKEA to pay $140 million to the Russian Federation.

Earlier, it was reported that after IKEA left the territory of the Russian Federation, the remaining inventory of the company was bought out in November 2022 by the company “Yandex Market” represented by LLC “Market.Trade”. Later, it turned out that the funds to pay for this transaction in the amount of $140 million were transferred to foreign accounts of the Irish company Fami Limited on behalf of IKEA’s Russian subsidiary Torg.

Russian Federal Tax Service filed a lawsuit to challenge the transaction in January 2024, and on April 25, 2024, the lawsuit was satisfied. The court decision was published on May 16.

Source: Rossa Primavera News Agency