Putin orders temporary management of German Metro assets in Russia PHOTO

Russian President Vladimir Putin has placed assets of German retail chain Metro under temporary management, according to Russian media.

The assets are owned by JSC Management Company Torg Rus. The decision was made under a mechanism for the temporary management of property belonging to companies with foreign participation.

Under the arrangement, management powers are transferred to an appointed administrator, but ownership of the assets does not change. The administrator is not allowed to dispose of the property, including by selling it.

The mechanism was introduced by a decree signed in April 2023. Russian authorities have described it as a response to restrictions and the seizure of Russian assets abroad. Decisions to impose temporary management apply to assets included on a special list.

By Aghakazim Guliyev