Russia’s Prosecutor General has withdrawn its lawsuit seeking to seize major cement producer Novoroscement from billionaire Lev Kvetnoy, according to court materials cited by independent news platform The Bell. However, the company’s shares and assets remain under arrest.
As previously reported by CemNet, the prosecution had sought to invalidate share transactions dating back to 2019 and transfer Novoroscement and the Verkhnebakansky Cement Plant to state ownership, alleging regulatory breaches and foreign control of a strategically important asset. The case also accused Kvetnoy of transferring more than RUB1bn abroad.
The development comes amid a downturn in Russia’s cement sector. National cement output in 2025 fell to around 58Mt, approximately 10 per cent below 2024 levels, reflecting weaker housing demand and rising import competition.
Novoroscement is one of Russia’s largest cement producers, operating several plants in the Krasnodar region.
