Kremlin Places Nestle and Auchan Under Temporary Administration
· World · The Independent, NDTV
The Kremlin has ordered the Russian businesses of Swiss-based Nestle and French retailer Auchan to be placed under temporary administration. This move follows a 2023 law that allows the state to seize assets from companies based in countries deemed unfriendly. Other affected firms include the logistics group FM Logistic and the DIY chain Lemana Pro. Kremlin spokesman Dmitry Peskov stated that the decision was influenced by the companies' involvement in hostilities against Russia. Nestle has stated it is assessing the situation and aims to protect its employees' interests.
Why it matters
The seizure of major Western assets increases the risk for remaining international companies in Russia and often leads to forced sales at significant discounts.
Read the original report — The Independent
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