Putin assigns Nestlé, French assets to Russian administrator
Russian President Vladimir Putin has placed Nestlé’s main Russian businesses and assets linked to three French groups under temporary management by L. E. V. Management, widening Moscow’s control over foreign-owned companies still operating in the country. The presidential decree, signed and published on Thursday, covers Nestlé Russia and Nestlé Kuban, as well as interests connected to retailer…
Russian President Vladimir Putin has assigned management of Nestlé Russia and various French-owned companies to L. E. V. Management, a Moscow-based firm. The decree, published on Thursday, covers Nestlé Russia, Nestlé Kuban, retail giant Auchan, logistics group FM Logistic, and the owner of former Leroy Merlin business, Groupe Adeo.
L. E. V. Management will temporarily oversee these holdings while foreign owners retain legal ownership. Nestlé stated it would take necessary steps to protect its rights and ensure continuity, particularly for employees. The decree transfers 100% of the foreign-held stakes in Nestlé Russia and Nestlé Kuban to the appointed administrator.
Russia has increasingly employed temporary administration to control foreign businesses since 2023, creating mechanisms for this during the invasion of Ukraine.
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