Putin Orders Temporary Administration of Nestle Assets in Russia
The move puts 16 Russian entities under Kremlin-appointed managers and follows a law used to seize assets from companies in countries deemed unfriendly.
- On Thursday, Russian President Vladimir Putin signed a decree placing Russian subsidiaries of French retailer Auchan and Swiss food company Nestle under temporary management, marking significant governmental intervention in foreign corporate operations.
- Neither Auchan nor Nestle exited Russia following the 2022 invasion of Ukraine, though Nestle scaled back operations by halting investments and stopping sales of brands including KitKat and Nesquik.
- The decree also placed a 0.007% stake held by French group Adeo in Monlid, the Russian entity of Leroy Merlin, under temporary management; the stores now operate under the Lemana PRO brand.
- In mid-August, Kommersant reported that Logistika requested this temporary management for Nestle, a move the outlet noted "could be the first stage in an ownership-transfer process."
- This strategic shift underscores a notable escalation in measures affecting global businesses within Russia, as the state assumes oversight of foreign corporate assets.
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280 Articles
Dnevni list Danas
Russian President Vladimir Putin personally, by a decree he signed, ordered the introduction of temporary administration in the Russian branches of the Swiss food and beverage company "Nestle" and the French trade chain "Auchan", a procedure that previously led to the forced sale of Western companies to Russian owners at extremely low prices.
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Il Tempo
Rome, 18 Sep. (askanews) - The Russian authorities have put under temporary control the activities and assets of the Swiss food giant Nestlé and three French groups; a move that on Friday the Kremlin defended as a justified measure against companies attributable to "hostile countries" that support Ukraine. A decree signed by President Vladimir Putin transferred the activities to Russia of Nestlé, the French group of the large distribution Auchan…
Putin Transfers Nestlé, Auchan Stakes to $177 Moscow Firm With One Employee
Russia placed the local businesses of Swiss food giant Nestle and French supermarket chain Auchan under temporary administration on September 17, explicitly linking the move to European military support for Ukraine.
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