Russian President Vladimir Putin issued a decree on 28 September placing the Russian assets of German retail group Metro under temporary management, according to media reports cited in the source material.
The assets include 100% of the shares in Metro Verhaus Noginsk LLC, Metro Cash and Carry LLC and Retail Property 5 LLC. Together, Metro operates 91 shopping centres in 51 Russian regions.
The decree transfers management to UK Torg RUS. According to data from the SPARK information system, the company was established on 8 September by Johannes Tolay, the current chief executive of Metro Cash and Carry’s Russian business.
Metro’s Russian business recorded revenue of €2.6 billion in the 2024–2025 financial year and invested €43 million in its Russian shops during that period.
The source material describes the move as part of a wider pattern involving foreign companies operating in Russia. It cites earlier decisions concerning Auchan, Nestle and structures associated with Leroy Merlin, while characterising the use of “temporary management” as a mechanism that can remove foreign parent companies from operational control and access to dividends and assets. These broader claims are presented as analysis rather than independently verified facts.
The source also argues that European companies which remained in Russia after 2022 initially faced restrictions on transferring dividends abroad and subsequently the transfer of assets to locally controlled structures. It says this represents a shift away from negotiated exits, under which foreign companies could sell their businesses at a discount, towards state-directed transfers.
In the Metro case, the new management structure is headed by the company’s existing Russian chief executive. The source says this could help maintain supplies, employment and the retail network’s operations, while asserting that European shareholders would lose control over management and financial flows. The legal and ownership consequences of the decree were not detailed in the supplied material.
Read the cited report.
