Russia has seized control of a US-linked manufacturing company valued at $700 million under a decree signed by President Vladimir Putin, according to the affected firm.

CANPACK, a manufacturer with ties to Pennsylvania, announced that Russian authorities had taken control of its business operations in the country. The seizure was implemented through a Kremlin decree bearing Putin's signature.

The action represents the latest in a series of asset seizures by Moscow targeting Western companies operating in Russia. The move comes as tensions between Russia and Western nations remain elevated following the conflict in Ukraine.

CANPACK specializes in manufacturing operations, though specific details about the company's products and the scope of its Russian operations were not immediately disclosed. The $700 million valuation represents the total worth of the business activities now under Russian control.

The seizure occurs amid broader geopolitical tensions, with Russia implementing various measures affecting foreign business interests within its borders. The timing and specific rationale for targeting this particular company remain unclear.

Neither Russian officials nor CANPACK representatives provided immediate comment on the circumstances surrounding the takeover or potential legal recourse available to the company.