Le Monde: German retailer Metro asks Kremlin to place its Russian assets under temporary management
German retail chain Metro itself asked Russian authorities to place it under temporary management, a source close to Moscow business circles told the French newspaper Le Monde.
German retailer Metro approached Russian authorities for temporary management of its operations, according to a source familiar with Moscow business circles who spoke to the French newspaper Le Monde. Metro's leadership understood that companies like Auchan, Nestlé, Lemana PRO, and FM Logistic were surprised when Vladimir Putin took control of their operations via decree on September 17.
To avoid the worst-case scenario, Metro chose to "act preemptively" and request temporary management from the Kremlin, aiming to maintain greater control over its future. Metro's CEO met with Putin's economic adviser to discuss the request, acknowledging the risks involved but also the possibility of reaching a favorable agreement, such as selling the business under more advantageous terms.
The Kremlin's uncertainty lies in what it might demand in return for this arrangement. On September 28, Putin officially authorized Metro's assets to be placed under temporary management by UK Torg Rus, a company registered on September 8, three weeks prior to Putin's decree. Johannes Tholey, the CEO of Metro Cash & Carry since 2023, is the sole owner of the temporary management company.
Western companies placing their assets under temporary management in Russia is aimed at pressuring European countries to reconsider their sanctions against Russia.
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