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Swiss food giant Nestle removes £1.46bn of Russian assets from its books after Putin seized its business

Swiss food giant Nestle removes £1.46bn of Russian assets from its books after Putin seized its business

Vladimir Putin ordered the temporary seizure of Nestle's Russian operations on September 17, part of a widening Kremlin crackdown on European firms over support for Ukraine. Nestle says it remains the legal owner but no longer controls the business. Even so, its third-quarter organic sales rose 4%, beating forecasts.

Nestle has operated in Russia since 1995, and the unit made up about 2% of group sales.

French supermarket chain Auchan's Russian assets were also taken over by the Kremlin.

Chief executive Philipp Navratil: 'I am pleased with our progress. But I am not satisfied.'

MoreLBCNestle removes £1.5bn of Russian assets after business seized by PutinFinancial TimesNestlé removes Russian business from accounts after Kremlin takeoverReutersNestle beats sales forecasts as it excludes seized Russian businessWTVBNestle beats sales forecasts as it excludes seized Russian business - WTVBBusinessToday MalaysiaNestle Beats Sales Forecasts After Excluding Seized Russian Business - BusinessToday Malaysia
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