Retail giant Metro, was one of few Germany-based companies that had maintained large scale operations in Russia even after the war in Ukraine and related sanctions forced other companies out. Now Moscow has seized its assets.
Russian authorities have seized the assets of German wholesaler and food retailer Metro and put them under temporary administration, under a decree published Monday — the latest in a series of business takeovers linked to countries that back Ukraine.
The decree, signed by President Vladimir Putin, announced that the Russian operations of Metro Cash and Carry had been put under the “temporary management” of a company called UK Torg RUS.
This comes after Moscow earlier this month seized the businesses and assets of Swiss food giant Nestle, as well as French retailer Auchan and the former Leroy Merlin DIY chain.
In its latest yearly report, the company said its sales in Russia amounted to 2.6 billion euros in the 2024/2025 financial year.
The cash and cash equivalents of Metro’s Russian group companies amounted to 152 million euros as of June 30, the company said in its latest quarterly report.
Most Western companies quickly sold their Russian operations and holdings after the Kremlin ordered troops into Ukraine, or at least isolated them, as sanctions have made trading in most goods difficult.
Others remained, citing concerns for their employees or citizen’s well-being, but often sharply scaling back their operations.
Russia has since made it difficult for firms to leave, requiring presidential authorisation for deals, or seizing the assets outright.
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