Putin confiscates Nestle, Auchan assets in Russia
Russian President Vladimir Putin on Sept. 17 signed a decree confiscating the assets of several international companies, including Nestle and Auchan.
Russian President Vladimir Putin signed a decree on September 17 confiscating the assets of international companies, including Nestle and Auchan. Other companies affected are Bati Logistics, FM Logistics, and Le Monlid LLC. These companies had their assets placed under temporary management by the Russian joint-stock company L.E.V.
Management. Nestle and Auchan did not abandon the Russian market after Russia's full-scale invasion of Ukraine in February 2022, but rather adjusted their operations. Nestle suspended several key brands, stopped advertising, and halted capital investment in Russia, as reported by the Kyiv School of Economics (KSE) Institute. France's Auchan, known for its supermarkets across Europe, placed its Russian subsidiary under local management in 2023, considering it an essential civilian service and refusing to withdraw.
Russia has damaged the property of international businesses operating in Ukraine with missile and drone attacks. For instance, a PepsiCo production facility in southern Ukraine's Mykolaiv Oblast was damaged by a Russian attack on August 29.
Written by urgent.news from Kyiv Independent's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
