MediumI Geo-Economics & Chokepoints28 September 2026, Monday
Kremlin places Germany's Metro Russian business under temporary management
In a decree signed on 28 September, Putin placed the Russian unit of German wholesaler Metro under the temporary management of UK Torg Rus, a company set up on 8 September. Metro operates 91 wholesale stores in Russia and employs about 9,000 people.
According to a Meduza report on 28 September, the decree gives UK Torg Rus control over 100% of Metro Cash & Carry and over Metro Warehouse Noginsk and Retail Property 5. The company was registered on 8 September, about 3 weeks before the decree. Its sole owner is Johannes Tolay, who has headed Metro Cash & Carry since 2023. The decree was published on the government website without any stated justification. On the same day Putin also approved the purchase of Western Union DP Vostok by Softeks; the price was not disclosed.
According to a Kyiv Independent report on 29 September, Metro said ownership remains with it on paper but that it has lost operational control. Metro has operated in Russia since 2001, supplying food wholesale to restaurants and hotels. The move follows the transfer on 17 September of the Russian units of Auchan, Nestlé, Lemana PRO (formerly Leroy Merlin) and FM Logistic to another temporary manager. The decision came 2 days after German Foreign Minister Wadephul met Lavrov at the UN General Assembly on 26 September. It was taken amid tension heightened by an alleged drone attack said to have been thwarted at Leipzig airport.
Talay assessment
Bottom line
Following the four companies on 17 September, the Kremlin's move against Metro shows it using seizures of Western assets systematically as a lever. The timing, during days of rising tension with Berlin, suggests the step carries a political message as much as an economic one. The most likely direction is for European companies remaining in Russia to face new temporary management decrees.
Likely effects
- Western firms still in RussiaNegativeWeeks
The transfer of control over five companies in September raises asset risk and exit pressure for European companies remaining in Russia.
- Germany–Russia relationsNegative1–6 months
Coming 2 days after the Wadephul–Lavrov meeting, the decision could strengthen the debate in Berlin over retaliation and sanctions.
- Turkish companiesUncertain1–6 months
Turkish retail and construction firms operating in Russia are not directly targeted, but the spread of temporary management raises legal uncertainty.
Possibilities, ranked
- 1Seizure wave continues55%
Other European companies are placed under temporary management in the coming weeks.
Watch: New temporary management decrees published on the Kremlin website
- 2Exit through sale30%
Metro and similar companies exit by selling their assets to Russian buyers at low prices.
Watch: A sale or write-down announcement from Metro on its Russian unit
- 3Countermove15%
Germany or the EU announces retaliatory measures targeting Russian assets.
Watch: New measures from Berlin or Brussels on Russian state assets
Probabilities are calibrated judgement based on the sources, not measurement, and are revised as new information arrives. Not investment advice.
Market reaction
Indicators affected
- Metro stores in Russia▼ 91
- Employees affected▼ ~9,000
- Western firms seized in Sep▼ 5