Russia puts German retailer Metro's assets under temporary administration amid Ukraine tensions
- 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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111 Articles
Kremlin seizes control of German retailer Metro AG's Russian properties
Metro AG is one of the world’s largest retailers, specializing in food wholesale and food distribution to restaurants and hotels. Metro AG first entered the Russian market in 2001 and now operates 91 wholesale stores, employing around 9,000 employees in the country.
The Kremlin has seized the assets of the German trading company Metro AG in Russia. Russian leader Vladimir Putin issued a decree on the matter. Media reports claim that Metro stores in Russia are "operating normally."
Putin took away the Russian assets of Metro - who will manage them Russian Metro business worth <p>50-80 billion rubles was transferred to the temporary management of JSC “UK Torg Rus”. Assets of Auchan, Nestle and others received “L.E.V. Management”.</p>
Russian President Vladimir Putin has ordered the Russian assets of the German retail chain Metro AG to be placed under temporary administration.
Radio France Internationale
The Russian authorities placed under "temporary administration" the assets in Russia of the German distribution group Metro, less than two weeks after having done the same with several companies from European countries supporting Ukraine.
After the Russian attack on Ukraine, the trading group Metro remained in Russia – now the German company has been placed under temporary state compulsory administration. This is probably a political signal: the relationship between Germany and Russia is currently extremely tense.
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