Czech billionaire Křetínský loses control of Metro's Russian arm

Russian authorities have placed temporary external management over the assets of the Metro retail chain in Russia, which is majority-controlled by Czech billionaire Daniel Křetínský and his Slovak business partner Patrik Tkáč. Metro AG itself has acknowledged that it has lost operational control of its Russian subsidiary and is now assessing the consequences of the move.

Decree No. 689, signed by Russian President Vladimir Putin on 28 September, expanded the list of assets subject to the external-management regime introduced back in 2023. Control of the Metro Cash & Carry, Metro Warehouse Noginsk and Retail Property 5 structures has been handed to a company called "UK Torg Rus" — an entity registered only on 8 September, less than three weeks before the decree. According to the Russian corporate register, the new management company's owner is Johannes Tolai, who simultaneously heads Metro's Russian division.

Formally, the transfer to temporary management does not amount to a change of ownership, but Metro's German headquarters has effectively lost the ability to run the local business. Metro's Russian subsidiary itself said its stores and online sales are operating as usual and that the company continues to meet its obligations to customers. According to Reuters, the chain has 91 wholesale stores in Russia and a workforce of around nine thousand employees.

Metro is roughly 68% owned by EP Global Commerce, the vehicle behind which stand Křetínský and Tkáč. The holding increased its stake after Metro delisted from the stock exchange last year. In Czechia, the group runs the Makro wholesale chain.

Metro was one of the few Western companies that did not leave Russia after the start of the full-scale invasion of Ukraine in February 2022 — the company explained its decision by citing responsibility toward its local employees and customers, though it faced criticism for paying taxes to a state that is funding the war. Moscow applied the same temporary-management mechanism in September to the Russian assets of Switzerland's Nestlé and France's Auchan, describing its actions as a response to Western policy.

It remains unclear what the financial and accounting consequences will be for the wider Metro group, and whether Křetínský and his partner will challenge the decision in court. The company has only confirmed the loss of operational control and said it is analyzing the situation.