Russia puts German retailer Metro's assets under temporary administration amid Ukraine tensions
Metro said it no longer has operational control as Russia transferred the retailer’s local assets to a state-appointed manager, part of a wider crackdown on Western firms.
- On Monday, President Vladimir Putin signed an executive order placing the Russian subsidiary of Metro AG under state "temporary management," transferring control to Torg Rus, a management firm registered earlier this month.
- Earlier this month, the Kremlin seized Russian subsidiaries of Auchan, Nestlé, and Lemana PRO, utilizing a 2023 order that grants the state authority to place foreign assets under "temporary management."
- Moscow describes these asset seizures as a response to "hostile actions" by "unfriendly" governments, while Russian Foreign Minister Sergei Lavrov recently met his German counterpart at the UN General Assembly in New York.
- Metro Russia stated operations continue as usual despite the order, though corporate records show Johannes Tholey, the CEO of Metro Russia, also serves as CEO of Torg Rus.
- Germany recently accused Russia of staging a drone attack at Leipzig/Halle Airport; Berlin retaliated by closing a Russian consulate and the Russian cultural center, escalating tensions weeks before the Metro seizure.
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The decision of the Russian Federation to hand over to the provisional administration the assets of the Metro group "shows yet again the extent to which legal and investment security in Russia has been severely undermined" declared in the Eastern Committee of the German Economy.
Russia has once again taken over the local operations of a large Western company.
The Straits Times
'Let them be scared': Moscow sends EU message with widening corporate crackdown
MOSCOW, Sept 29 - Russia has singled out European firms in its latest drive to strip foreign owners of the right to manage their Russian assets, government and company sources said, with the Kremlin accusing the European Union of involvement in the war in Ukraine. Read more at straitstimes.com.
Putin now also takes control of Metro Russia - RetailDetail EU
After the Russian Federation had previously seized control of the local operations of Nestlé, Auchan, and Leroy Merlin, Metro Russia is now also being placed under receivership. As a result, Metro AG no longer has operational control over its subsidiary.
Kreiszeitung
Metro remains the owner of her Russian daughter, but loses operational control. For suppliers, it is now crucial who fulfills contracts.
German firm Metro loses control of Russian business after Putin decree
Russian President Vladimir Putin has ordered that the assets of German retailer Metro AG be placed under temporary administration. The move comes amid escalating tensions between Germany and Russia over the Ukraine war.
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