Putin Seizes Control of Swiss and French Assets in Russia
- 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.
30 Articles
30 Articles
After the attack on Ukraine, many international corporations left Russia. Nestlé remained and now loses access to his business in the country – allegedly temporarily. A French supermarket chain is also affected.
Reformatorisch Dagblad
Russian President Vladimir Putin has placed the Russian subsidiaries of the Swiss food group Nestlé and the French supermarket Auchan under temporary administration. In doing so, Russia strengthens its grip on its own economy, and Western companies once again lose control of their assets.
According to a decree signed this Thursday by Vladimir Putin, "L.E.V Management" will absorb the assets of the three companies.
Vladimir Putin signed a decree to transfer to the provisional administration Russian assets of the Ashan and Lemana Pro trading networks ...
Liberation
La LibreAccording to a presidential decree issued this Thursday, the Russian assets of Swiss and French companies will be temporarily managed by the Russian company "L.E.V. Management".
Nestlé remains owner, but company was placed under Russian administration.
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