A new wave of changes has emerged from the calm depths of the Russian corporate landscape, triggered by a decree from Russian President Vladimir Putin. On 17 September, he signed a document ordering the temporary transfer of assets belonging to several major foreign companies to Russian external administration. The list included such giants as the Swiss company Nestlé and the French supermarket chain Auchan.
Interestingly, control over these assets, as well as over a number of other companies, was transferred to a small Russian firm called ‘L. E. V. Management’. This company, registered in Moscow in 2024, has a registered capital of just 15,000 roubles, which is rather intriguing given the scale of the assets being transferred. Its main area of activity is business consultancy.
Andrei Vyacheslavovich Krayushkin has been appointed as the interim head of ‘L. E. V. Management’. According to open sources, a man with the same first name and surname holds the post of first deputy head of the Main Directorate for Migration Affairs at the Russian Ministry of the Interior. This raises questions as to exactly how this individual came to be involved in the management of the assets of such large international corporations.
This move by the Russian government continues a trend of transferring foreign businesses under the control of local companies. Previously, for example, the shares in the brewing company AB InBev Efes were transferred to the ‘Vmeste’ group of companies. This decision also attracted attention, as control over such enterprises entails vast resources and significant responsibility.
This situation raises many questions about the future of foreign companies in Russia and their future interaction with the Russian market. What path will they take next? This could mark the beginning of new economic relations or be a temporary measure in the face of global uncertainty. Time will tell how successfully ‘L. E. V. Management’ will manage the assets of these global giants.