Russia places Metro business under receivership

Russian President Vladimir Putin has placed the Russian business of the German trading group Metro AG under receivership. According to a presidential decree, the Russian management company Torg RUS temporarily manages 100 percent of Metro's assets in Russia. The decree does not give any reasons for the move.

Unlike numerous other Western companies, the German trading group Metro remained in the country after the Russian attack on Ukraine. The company said Metro was doing this out of consideration for employees and customers. The trading group still has 91 stores in Russia. The company did not immediately comment on the decree. The Russian Metro subsidiary said operations were continuing as normal and all obligations to customers were being met.

At the beginning of September, Russia took control of the Russian assets of the Swiss food company Nestlé and the French retailer Auchan. The Russian side explained that hostile actions by “unfriendly” states had played a role in this decision. Military aid from these countries is being actively used by Ukraine to strike against the civil-economic infrastructure in Russia, Russian presidential spokesman Dmitry Peskov said.

Russia had threatened to take countermeasures in the wake of the sanctions imposed by the West, including the confiscation of state assets in the EU.

This article will continue to be updated.