Russia targets European companies in expanding drive to seize control of Russian assets

  • Russia placed Nestle, Metro AG and Auchan assets under temporary management this month.
  • Russia has introduced temporary administration at 135 foreign-affiliated companies since the war began.
  • European businesses expect operating conditions to remain unchanged in the immediate future.

Russia has expanded its use of temporary management over foreign-owned assets, targeting Swiss food company Nestle, German wholesaler Metro AG and French retailer Auchan this month. The moves remove operational control while leaving formal ownership in place and form part of a broader campaign against companies from countries Moscow labels unfriendly. Kremlin spokesman Dmitry Peskov linked the measures to what Russia calls European involvement in the war in Ukraine, while describing them as potentially reversible. Since the war began, Russia has introduced temporary administration at 135 companies affiliated with foreign businesses, most of them from European Union countries, according to data compiled by TASS. Russian officials have not identified the next targets, but a government source said European firms should be afraid, while European businesses said they expected the immediate status quo to continue. The EU has renewed sanctions on more than 3,000 individuals and entities and blames Russia for failing to pursue genuine peace talks.

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