Metro Russia, the Russian subsidiary of German retail giant Metro AG, was placed under temporary state administration by a decree signed by Vladimir Putin on Monday.
Following the decision, Metro Russia’s shares were transferred to a management company called Torg Rus, which was registered earlier this month, according to company records. Metro Russia’s current CEO, Johannes Tholey, is also listed as Torg Rus’s CEO.
Metro Russia continues operations
Metro’s Russian subsidiary said its operations were continuing as usual. The company did not directly comment on Putin’s decision.
Metro, one of the world’s four largest retailers, has become the latest Western company whose operations in Russia have been placed under temporary state administration. Putin signed the decree allowing foreign assets to be placed under such administration in 2023.
Kremlin takes control of four corporate groups this month
Earlier this month, the Kremlin took control of the Russian subsidiaries of French supermarket chain Auchan, Swiss food company Nestlé, DIY retailer Lemana PRO, which previously operated under the name Leroy Merlin, and two French logistics companies.
Moscow describes these asset transfers as a response to “hostile actions” by “unfriendly” foreign governments.
Move follows Lavrov’s meeting with Germany’s foreign minister
Metro Russia’s placement under temporary state administration came after Russian Foreign Minister Sergey Lavrov held his first meeting in New York with Germany’s foreign minister since the full-scale invasion of Ukraine began in 2022. The meeting took place on the sidelines of the United Nations General Assembly.
After the meeting, Lavrov said he had learned nothing new from his talks with his German counterpart. Germany had accused Russia several weeks earlier of being behind an unsuccessful drone attack targeting Leipzig/Halle Airport and subsequently closed a Russian consulate and Russian cultural center in Berlin.
Moscow rejected Germany’s accusations and said the claims were fabricated.
