Full Breakdown
Putin Places Metro AG’s Russian Assets Under Temporary Management
By Drooid · · How we work
Core Event: Decree Transfers Metro Russia to State-Run Administration
- On September 28, President Vladimir Putin signed a decree placing the Russian subsidiary of German retailer Metro AG under “temporary management.” The decree transferred 100 % of the shares of JSC Metro Warehouse Noginsk to UK Torg RUS, a company registered on September 8 and wholly owned by Metro Russia’s chief executive Johannes Tholey, who is also listed as CEO of Torg RUS.
Background & Context
- The action follows a 2023 presidential decree that authorises the state to place foreign assets under temporary management. Earlier in September, Russia seized the Russian operations of Swiss food giant Nestlé and French retailer Auchan (September 17) and, on September 18, ordered the assets of Nestlé, Auchan and Leroy Merlin to be transferred to L.E.V. Management. Moscow describes these moves as responses to “hostile actions” by “unfriendly” governments that support Ukraine.
Data & Statistics
- Metro operates 91 wholesale stores in Russia and reported sales of €2.6 billion for the 2024/2025 financial year.
- Cash and cash equivalents of Metro’s Russian entities amounted to €152 million as of June 30.
- The company employs roughly 9,000 workers in Russia (Reuters, Newsday); another source cites 10,000 local employees.
- Experts estimate the seized assets are worth 50–80 billion rubles.
Official Statements & Responses
- Metro AG said it no longer has operational control over its Russian subsidiary and is analyzing the decree’s implications.
- Metro’s Russian subsidiary issued a statement that it continues to operate normally and fulfills obligations to shoppers.
- Kremlin spokesperson Dmitry Peskov linked the seizure to “unfriendly countries” whose governments provide military aid to Ukraine.
- Russian Foreign Minister Sergei Lavrov, after meeting German Foreign Minister Johann Wadephul at the UN General Assembly, complained that he “learned nothing new” from the discussion.
Criticism & Opposition
- Stefan Meister, a Russia expert at the German Council on Foreign Relations, said the seizures are part of a hybrid-war strategy intended to pressure Germany, a key supporter of Kyiv.
Why It Matters
- The takeover adds to a pattern of targeting European multinationals that remain in Russia despite the 2022 invasion, signaling Moscow’s willingness to use economic levers against countries it deems “unfriendly.” Meister’s assessment suggests the move could heighten pressure on the German government by threatening further losses for German firms operating in Russia.
Conflicting Reports & Gaps
- Employee numbers differ: Metro’s filings cite 9,000 staff, while a company statement references 10,000 employees.
- The decree provides no explicit legal justification, and the long-term impact on Metro’s supply chains and market presence remains unclear.
Verbatim Quotes
- “The Russians are raising the pressure on Germany in their hybrid war,” — Stefan Meister, a Russia expert at the German Council on Foreign Relations
- “We bear responsibility for our 10,000 local employees as well as for our customers who purchase their groceries from Metro Russia. Metro Russia is also a major business with significant importance for the Group’s overall portfolio.” — the company
What’s Next
- No specific future actions were announced in the decree.
