Swedish corporations shift presence from China to India amid sanctions concerns

Skatteverket Kubikenborg Aluminium AB EU sanctions Oleg Deripaska Swedish competitiveness

Swedish corporations are shifting their international presence, with a notable decrease in employees in China and an increase in India. According to data from Tillväxtanalys, the number of Swedish employees abroad reached 1,610,523 in 2024. Specifically, the number of employees in China has dropped by more than 25 percent since 2017, falling from 105,541 to 78,365 in 2024, affecting both manufacturing and services.

Separately, legal experts from Baker McKenzie have warned that the Swedish Tax Agency's (Skatteverket) interpretation of EU sanctions could undermine Swedish competitiveness. The agency has frozen the assets of Kubikenborg Aluminium AB (Kubal), Sweden's sole primary aluminium producer, citing EU regulations regarding sanctioned Russian individuals. Skatteverket asserts that Oleg Deripaska maintains indirect control over the company through the En+ Group ownership chain. The decision, which has been appealed, raises concerns regarding industrial readiness and the potential for increased European dependence on imported aluminium.

Entities

Baker McKenzie · En+ Group · Kubikenborg Aluminium AB · Oleg Deripaska · Skatteverket

Claims

What the coverage asserts, and how many sources carry each claim.

[○ 1 SOURCE] Skatteverket has frozen the assets of Kubikenborg Aluminium AB (Kubal) on its tax account. www.di.se
[○ 1 SOURCE] Kubal is Sweden's only producer of primary aluminium. www.di.se
[○ 1 SOURCE] The asset freeze is based on EU rules regarding the freezing of assets for Russian persons and companies on the EU sanctions list. www.di.se
[○ 1 SOURCE] The agency considers that Russian businessman Oleg Deripaska still controls Kubal indirectly through the ownership chain in En+ Group. www.di.se
[○ 1 SOURCE] The decision to freeze assets has been appealed. www.di.se
[● 2 SOURCES] Swedish companies risk a competitive disadvantage if authorities interpret the concept of control more extensively than other member states. www.pressen.se · www.di.se

Sources

Svenska koncerner minskar sin närvaro i Kina men ökar i Indien | Myndigheten för tillväxtpolitiska utvärderingar och analyser [via.tt.se]

10 days ago

Skatteverkets tolkning hotar svensk konkurrenskraft - Pressen. se [www.pressen.se]

9 days ago

Skatteverkets tolkning hotar svensk konkurrenskraft [www.di.se]

9 days ago