Russia has transferred ownership of Moscow’s Domodedovo airport to a company linked to the operator of Sheremetyevo, following a court ruling that nationalised the asset earlier this year.

In June, a Russian court ordered the nationalisation and transfer of Domodedovo, the country’s fourth-busiest airport, after finding that its two owners, Dmitry Kamenchik and Valery Kogan, were foreign residents and therefore had no right to manage the asset.

Subsequently, Sheremetyevo, “represented by its 100 per cent subsidiary Perspektiva LLC, and Bank PSB PJSC announce the signing of an agreement for the sale of Domodedovo airport,” a press release said.

The airport was sold on the second attempt for about $850 million, almost half of the original $1.6 billion valuation.

Sheremetyevo itself is majority-owned by private company TPS Avia Holding and the Russian government (30 per cent stake), according to Russian business outlet RBC.

Meanwhile, TPS Avia Holding had been transferred from Cyprus back to Russia in 2022, with Russian media listing Arkady Rotenberg, a close associate of president Vladimir Putin, among its shareholders.

More broadly, the move forms part of a wider pattern. Since Russia sent troops into Ukraine in 2022, the state has seized assets worth billions of dollars, including those owned by Danone and Uniper.

Moscow argues the nationalisations are fair and correct failed privatisations from the 1990s, whereas critics say they have discouraged long-term investment in Russia.