Russia decides to seize assets of German retailer Metro

AFP and dpa news agencies reported on the 28th (local time) that Russia has decided to seize the assets of Metro, a German distribution company operating in the country.

Russian President Vladimir Putin signed a decree entrusting 100% of the assets held by Metro's local subsidiary to the temporary management of the Russian company 'UK Torque RUS'.

Metro is a membership-based warehouse supermarket that operates in a similar fashion to Costco.

Earlier this month, Russia took similar measures on the grounds that Swiss food company Nestle and French retailers Auchan and Le Roi Merlin were supporting Ukraine.

Metro said in a statement that although it is still the owner of the Russian subsidiary, it can no longer exercise its operating and control rights, and that it is considering the impact on the entire company.

After Russia invaded Ukraine in February 2022 and war broke out, most Western companies sold their businesses and shares in Russia. Since then, Russian authorities have taken measures such as seizing assets to make it difficult for companies to withdraw.