Russia seizes control of Western companies' assets

On Thursday, September 17, 2026, Russian President Vladimir Putin signed a decree placing the domestic subsidiaries of several Western firms under the temporary management of a Russian entity known as LEV Management. The companies affected include the Swiss food giant Nestlé, the French retail chain Auchan, the DIY retailer Lemana Pro (formerly Leroy Merlin), and the logistics firm FM Logistic. According to reports, LEV Management was established in late 2025 and is reportedly led by a general from the Russian Ministry of Internal Affairs, despite having no prior business history.

While the Russian authorities describe this move as temporary management rather than an official change of ownership, historical precedents from 2023 involving Danone and Carlsberg suggest this is often a precursor to transferring assets to Russian investors linked to the Kremlin. Kremlin spokesperson Dmitry Peskov justified the action by citing that France and Switzerland are considered 'unfriendly nations' actively involved in military activities against Moscow. Most Western firms had previously sought to sell or isolate their Russian operations following the invasion of Ukraine to comply with international sanctions, but this decree now forcibly captures remaining assets under state-aligned control.