Metro assets seized by Russia in latest takeover

Russian authorities on Monday seized the Russian assets of German wholesaler and food retailer Metro, the latest in a series of business takeovers involving companies from countries that back Ukraine.

A decree signed by President Vladimir Putin put the Russian operations of Metro Cash and Carry under the “temporary management” of a company called UK Torg RUS.

Metro said it still formally owned the company but no longer had operational control over its Russian subsidiary. The company said it was analysing the effects of the decree.

Metro said in its latest yearly report that sales in Russia reached 2.6 billion euros, or $2.9 billion, in the 2024/2025 financial year. Its latest quarterly report listed cash and cash equivalents at Metro's Russian group companies of 152 million euros, or $172 million, as of June 30.

The move follows Russian seizures earlier this month of businesses and assets belonging to Swiss food giant Nestle, French retailer Auchan and the former Leroy Merlin DIY chain.

Many Western companies sold or isolated their Russian operations after the Kremlin ordered troops into Ukraine. Russia has since made it harder for firms to leave, including by requiring presidential authorization for deals or seizing assets outright.