Russia Takes Control of Metro AG's Local Assets Under New Decree
A presidential decree published Monday places the Russian assets of German retailer Metro AG under temporary administration.
Russia has placed the local assets of German retailer Metro AG under temporary administration, according to a presidential decree published on Monday.
The order, signed by President Vladimir Putin, transfers the Russian operations of the German wholesale giant to a temporary manager. The decree was made public on Monday, though the Kremlin did not immediately provide further details on the scope or duration of the arrangement.
Metro AG, which operates wholesale stores in Russia, becomes the latest foreign company to see its Russian assets placed under state-appointed management. The move follows a series of similar decrees affecting Western firms since the conflict in Ukraine began.
Temporary administration typically allows Russian authorities to oversee the operations of a foreign-owned business while its ultimate ownership remains unchanged. The practical effect is often to strip the original owner of control without formally expropriating the assets.
The decree did not specify which entity or individual would assume the temporary management role. Metro AG has not yet issued a public response to the decision.