Russia places German retailer Metro's local units under state control
Russian President Vladimir Putin has placed German wholesaler Metro's local units under temporary administration while allowing Western Union to sell its domestic assets.
Russian President Vladimir Putin has ordered local units of German wholesaler Metro Cash & Carry to be placed under temporary administration. The decree represents the latest move by Moscow to assert control over foreign commercial entities operating within the country.
Simultaneously, the Kremlin approved a request from financial services provider Western Union, permitting the company to sell its remaining assets in Russia. Since the imposition of Western sanctions following the invasion of Ukraine, Russia has repeatedly transferred the management of international firms' domestic subsidiaries to state-linked custodians. Metro had previously continued its Russian operations despite widespread corporate exits.
Sources: Bloomberg