Russia has singled out European corporations in its latest effort to strip foreign owners of the right to manage their local properties, following the renewal of sanctions against Moscow by the European Union, as reported by Reuters on September 29.
Kremlin officials accused the European Union of direct involvement in Russia’s full-scale invasion of Ukraine, citing this as the reason for retaliatory steps.
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A senior government source directly familiar with the measures stated that the time has come for asymmetrical actions and urged European countries to consider the consequences of their sanctions, Reuters reported.
When asked whether the Russian units of Italian bank UniCredit and Austrian lender Raiffeisen could be placed under temporary management, the source said, “Let them be afraid.”
According to Reuters, a Russian corporate source claimed that European firms are intentionally suppressing the growth of their Russian branches, which damages the country’s economy.
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Meanwhile, a senior executive at a European company operating in Russia noted that foreign businesses expect the current situation to remain unchanged in the near term.
The Kremlin confirmed that its choices were driven by the growing involvement of these countries in direct combat operations against Russia.
Kremlin spokesman Dmitry Peskov told reporters that Moscow sees no reason to reverse its decisions, adding that there are no voices calling for dialogue or efforts to correct the situation.
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On September 17, Russia placed the local operations of Swiss food giant Nestlé and French supermarket chain Auchan under temporary administration, connecting the decision directly to European military aid for Ukraine.
According to registry data reported by Bloomberg, Vladimir Putin issued a decree transferring stakes in both firms to AO L.E.V. Menedzhment, a Moscow-registered entity created in 2024 with a charter capital of approximately $177 and just a single employee.
In response to the takeover, Nestlé announced it was weighing its options and pledged to take all necessary measures to safeguard its legal rights and support its workforce, while Auchan Retail Russia requested official clarification on the order.
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