Putin Orders Temporary Administration of Nestle Assets in Russia
The decree gives Kremlin-appointed managers control of the companies’ Russian businesses as Moscow tightens oversight of foreign-owned assets.
- 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.
79 Articles
79 Articles
(Berlin=Yonhap News) Correspondent Kim Gye-yeon = The Russian government has effectively seized the local subsidiary of Nestlé, a global food company headquartered in Switzerland. Russia... Ukraine...
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Russian President Vladimir Putin on Thursday signed a decree confiscating the assets of several multinational companies, including Nestlé and Auchan.
Russian President Vladimir Putin on Thursday signed a decree confiscating the assets of several multinational companies, including Nestlé and Auchan.
Russian President Vladimir Putin signed, on September 17, a decree confiscating the assets of several international companies, including Nestlé and Auchan. Among the other companies are Bati Logistics, FM Logistics and Le Monlid LLC...
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