Putin Grabs Nestlé and Auchan as 4 Foreign Firms Seized in Russia

Putin Grabs Nestlé and Auchan as 4 Foreign Firms Seized in Russia

Russia has placed the Russian assets of Nestlé and several French companies under temporary state control, signaling that foreign businesses still operating in the country risk losing their investments.

· 1 min read ·
russiatradeeurope

Russian President Vladimir Putin signed a decree on Thursday allowing authorities to seize the remaining assets of Swiss food giant Nestlé and three French companies in Russia, according to reports. The French firms affected include grocery chain Auchan, DIY retailer Leroy Merlin, and another unnamed company. The decree places their Russian operations under temporary state control [243986].

Nestlé, which stayed in Russia after the full-scale invasion of Ukraine, said it is reviewing its options following the move. The Swiss company has not yet said whether it will challenge the decision or adjust its Russian operations [244250].

Russia has repeatedly taken similar steps against foreign businesses since the war in Ukraine began, targeting companies from countries it calls "unfriendly." The Kremlin is increasingly using foreign-owned companies as leverage, and the move signals that businesses remaining in Russia risk losing their investments [245214].

The advocacy group B4Ukraine warns that companies should leave while they still can [245214].

Sources

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