Nestle and Aasha Russia Subsidiaries Placed Under Temporary Management

Russian President Vladimir Putin signed a presidential decree on the 17th transferring ownership and assets of Nestle ($NESN) and Aasha's Russian subsidiaries to temporary management under Moscow-based L.E.V. Management. According to the decree, Nestle and Aasha's Russian subsidiary shares and stocks will be managed by L.E.V. Management. Kremlin spokesperson Dmitry Peskov stated on the 18th that the decision considered the companies' ties to European nations classified as 'unfriendly' by Russia. Peskov clarified that the current measure is an introduction of external management, with no decisions made yet regarding further disposal of assets. Nestle has acknowledged the decree and is reviewing the situation and response strategies while committing to necessary measures for business continuity and protection of employee rights. Aasha Russia subsidiary requested explanations from authorities regarding the decree but confirmed stores and facilities are operating normally.