Nestlé Russia Business Transferred to Temporary External Management

Russia has transferred Nestlé (NESN.SW)'s local operations to a temporary external management regime. Nestlé confirmed on the 18th that its Russian subsidiary has been designated as a temporary external management target under a Russian presidential decree, stating it is reviewing the situation and response measures. The company added it will take necessary actions to protect rights of shareholders and employees while ensuring business continuity. Reuters reported this move extends Russia's trend of strengthening control over Western corporate assets since the Ukraine war, following a 2023 presidential decree allowing temporary management of assets from 'unfriendly' foreign companies.