President Vladimir Putin has signed a decree placing the Russian assets of German retailer Metro AG under temporary management. The order, which was posted Monday on the government website, did not provide a specific reason for the action.
The decree appoints JSC UK Torg Rus as the temporary manager. This entity now holds control over Retail Property 5 LLC, Metro Warehouse Noginsk LLC, and a 100% stake in Metro Cash & Carry LLC, the company that manages the retailer’s Russian hypermarkets. Metro had remained in Russia following the start of the full-scale invasion of Ukraine.
Details of the Management Firm
According to reports from The Bell, JSC UK Torg Rus was registered on September 8, approximately three weeks before the decree was signed. The firm’s sole owner is Johannes Tolay, who has served as the head of Metro Cash & Carry since 2023.
Context of Russian Asset Seizures
The move against Metro follows a pattern of actions targeting businesses from countries Russia deems “unfriendly.” On September 17, Putin placed the Russian assets of Nestlé, Auchan, logistics operator FM Logistic, and Lemana PRO (previously Leroy Merlin) under the temporary management of L.E.V. Management. The Kremlin stated these measures were taken because the companies are based in nations “that are now heavily involved in military action against our country.”
Previous instances of temporary administration have resulted in local owners acquiring the Russian operations of the Danish brewer Carlsberg and French dairy company Danone at “knockdown prices.”
Diplomatic Tensions
The seizure occurs amid heightened friction between Germany and Russia. Germany closed a Russian cultural center in Berlin and a consulate in Bonn after concluding that Russia was responsible for an attempted drone attack at the Leipzig airport. In response, Russia closed the German consulate in St. Petersburg, though Moscow has denied the drone allegations.
On Saturday, Russian Foreign Minister Sergei Lavrov met with German counterpart Johann Wadephul during the U.N. General Assembly. Lavrov later dismissed the meeting, stating that Wadephul
“simply reiterated his official public position condemning Russia… you can judge for yourself whether that counts as dialogue or not.”
