President Vladimir Putin issued a decree transferring the assets of the Rolf car dealership, along with its shares, to the interim management of the Federal Property Management Agency. The document was published in the legal regulations portal and takes effect from the date of publication.
The decree covers more than 660.7 million ordinary shares of JSC Rolf held by the Cypriot offshore Delance Limited and about 15.2 thousand ordinary shares of JSC Rolf held by Rolf Motors LLC. All company shares are now in the hands of the Federal Property Management Agency’s management team.
In addition, the dealership’s subsidiaries came under state control: Rolf Motors, Rolf Estate St. Petersburg, and Rolf Tech.
The president’s press secretary Dmitry Peskov described the decision as driven by economic practicality. He stated that the move aligns with Russian law and responds to the current international economic climate surrounding Russia. The aim, he noted, is to ensure stability and predictability for the market.
According to official remarks, the changes will not disrupt the organization’s operations; the business is expected to continue functioning normally.
Rolf was established in 1991 by entrepreneur Sergei Petrov. He began by selling Mitsubishi cars in 1992 and later became Russia’s Mitsubishi distributor. Over time, Rolf grew into one of the country’s leading car retailers. By early 2023, the network included 59 car dealerships and three large used-car shopping centers.
AutoBusinessReview’s 2022 data placed Rolf among the top dealers in Russia, confirming its long-standing leadership in the market. Petrov had previously stepped back from active management as he shifted to politics. He joined the State Duma in 2007 and 2011 and moved to Austria in 2019, where he acquired citizenship. Forbes has reported these facts in relation to his career path.
criminal case
Petrov’s election to the State Duma led him to transfer the company’s management to the Cypriot entity Delance Limited. He left politics in 2015. Forbes notes he later moved to Austria in 2019 and obtained citizenship there.
In 2019, the Investigative Committee pursued a criminal case involving the transfer of funds abroad using forged documents. Rolf faced investigations in Moscow and St. Petersburg, with searches conducted at several offices. Anatoly Kairo, a board member, received an eight and a half year sentence. Petrov and former general director Tatyana Lukovetskaya were named as defendants as well. Forbes provides background on these developments.
Media outlets previously connected Petrov with Russian political opposition circles. He has been critical of some actions by Russian officials and has referred to the asset transfer to the Federal Property Management Agency as problematic from a legal perspective. Forbes has covered these statements and the political dimension surrounding his actions.
Petrov has indicated plans to consult with lawyers about pursuing an international lawsuit. He suggested that investors in Asia may reassess their Russia engagement in light of these events.
Doesn’t concern customers
In December 2021 it was reported that Petrov would sell Rolf to another large Russian dealer, Klyuchavto. The deal was expected to close in early 2022, but it did not materialize after Russia’s military operation in Ukraine and subsequent shifts in the automotive sector, according to Interfax.
Industry observers believe that the new state ownership could leave operations largely unchanged. Rolf remains profitable and continues to operate as before, according to market experts. Maxim Kadakov, editor-in-chief of Behind the Wheel, commented that the company’s 2022 results demonstrated solid profitability even before the transfer. His assessment reflects confidence among auto-industry observers.
Experts note that customers and drivers affiliated with Rolf dealerships should not be affected by the transfer. Automarketer founder Oleg Moseev suggested that market turbulence would be possible only if management changes become disruptive. The Rolf network is considered a systemically important enterprise in Russia, and it is ultimately controlled through a Cypriot entity based in an unfriendly locale. The criminal case remains unresolved, with questions about lending and risk still present in expert commentary. These points were discussed by industry voices interviewed for this piece.
Sergei Burgazliev, an independent automotive consultant, describes Rolf as a turning point for the Russian car market. He notes that Rolf, alongside Independence and Genser, helped establish the standards of Russian auto retailing and that its practices are now adopted by other dealer holdings. Burgazliev emphasizes that Rolf’s management philosophy and strategic planning have made it a highly valuable asset in the sector.
According to Burgazliev, the best outcome would be maintaining stable top and mid-level leadership within the agency while enabling operations to continue without political interference. He also allows for the possibility that the asset could be sold later at auction should a suitable buyer emerge. Potential buyers could include major market players such as Avilon, Major, Avtodom, and AvtoSpetsTsentr. He even suggests Avilon could be a fit if the terms are right. The idea of a strategic alliance worth exploring is also on the table, potentially aligning Rolf with a factory not currently operating in Russia. This would mirror broader industry shifts as major dealers seek to consolidate strengths with manufacturing partners. Burgazliev’s insights underscore the view that preserving Rolf’s professional capabilities is crucial for sustaining Russia’s automotive ecosystem.