Russia takes over Czech billionaire Křetínský's Metro assets

Russian President Vladimir Putin has placed the Russian assets of German wholesaler Metro under the temporary management of a local firm, UK Torg Rus. That's according to AFP and Reuters, which cite a published decree. Metro's largest shareholder is EP Global Commerce, an investment company run by Czech businessmen Daniel Křetínský and Patrik Tkáč — in Czechia, their group also runs the Makro wholesale chain.

A decree without explanation

The decree itself does not explain why Russian authorities decided to impose temporary management now. Reuters notes that the decision came just days after Russian Foreign Minister Sergei Lavrov met his German counterpart Johann Wadephul on the sidelines of the UN General Assembly in New York. According to Lavrov, the talks brought no meaningful progress from Russia's point of view.

Tension between Berlin and Moscow

Relations between Germany and Russia have soured since drones carrying explosives were found in Leipzig, apparently intended to destroy Ukrainian cargo planes. German authorities have accused Russia of other acts of sabotage on its territory and have already announced plans to toughen their policy toward Moscow, its diplomats and prominent businessmen. Whether the move against Metro is linked to Berlin's plans remains unclear.

Nestlé and Auchan hit earlier

In September, Putin had already signed similar decrees affecting the Russian assets of Swiss food giant Nestlé and French retail chain Auchan. Kremlin spokesman Dmitry Peskov later explained that one reason for placing such assets under temporary management is that the companies come from so-called “unfriendly” countries.

Scale of the business and reactions

According to Reuters, Metro operates 93 wholesale stores in Russia, employing around 12,000 people. The company's Russian division has not commented on the decree, saying only that business is running as usual. Parent company Metro AG said in a statement that it currently does not control its Russian assets.

Since the invasion of Ukraine in 2022, Russia has steadily tightened control over foreign-owned assets. A 2023 decree gives Moscow the right to place the property of companies from countries it deems unfriendly under temporary management.

Source: seznamzpravy.cz