Moscow court allows former IKEA entity debt payment plan

A Moscow court granted a 32-month payment plan to "Torg," a former IKEA subsidiary, for approximately 9.3 billion rubles owed to the Russian government. This allows the company to pay off its debt by 2028. The payment plan stems from a lawsuit by the Federal Tax Service, following a ruling that deemed a transfer of over 12.9 billion rubles to an Irish entity linked to IKEA illegal. "Torg" must secure the debt with a property pledge within 30 days. IKEA, which ceased operations in Russia in 2022, previously owned "Torg," which reportedly possesses a large warehouse complex. The company is now owned by a Russian legal entity and is seeking an investor to cover the debt.