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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.View on euronews
The Kremlin has ordered the Russian businesses of Swiss-based food and beverage company Nestle and French retailer Auchan placed in temporary administration, procedure that previously has led to the forced sale of Western businesses to Russian owners at knockdown prices. The local assets of the two multinationals were put under what the Kremlin says is temporary control by another company under an order issued late Thursday by Russian President Vladimir Putin. A 2023 law allows the Kremlin to place businesses from “unfriendly countries” under temporary administration.
Nestlé said it is assessing its options after Vladimir Putin ordered the seizure of its Russian business.
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