Kremlin seizes Nestlé’s assets in Russia as crackdown on private business grows
The Kremlin has moved to seize the Russian assets of Nestlé and French retailer Auchan amid a broader nationalization drive that has seen a surge in government takeovers of private companies. Auchan and Nestlé are “European companies from unfriendly countries… currently actively involved in hostilities against us,” Kremlin spokesperson Dmitry Peskov told reporters Friday, a [...] The post Kremlin…
On Friday, the Kremlin announced the seizure of Nestlé and French retailer Auchan's Russian assets as part of a nationalization drive targeting private companies. Kremlin spokesperson Dmitry Peskov stated that the European companies are "actively involved in hostilities against us." Both companies' assets were temporarily placed under the control of the domestic firm L.E.V Management.
Nestlé, a Swiss-based multinational corporation, operates six sites in Russia and employs over 7,000 people, generating around 2% of its group sales in 2021. Nestlé expressed its commitment to protecting its rights and ensuring business continuity. Auchan, a French retail chain with 230 physical stores and an online presence in Russia, did not comment on the matter.
Since the start of the Ukraine war in 2022, Russia has nationalized foreign-owned firms, including French yogurt maker Danone and Danish brewer Carlsberg. The Kremlin's crackdown on private business extends beyond foreign-owned companies, with the Prosecutor General's Office aggressively pursuing nationalizations of domestic firms as well.
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