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(Sharecast News) - Swiss food giant Nestlé has said it is "assessing its options" after Russia seized control of its assets in the country, where it operates six factories.
A presidential decree on Thursday stated that the Kremlin had placed Nestlé's Russian operations under temporary external administration - the latest move by Vladimir Putin to take control of foreign-owned businesses from countries deemed "unfriendly" to Moscow.
Nestlé said it has "taken note" of the presidential decree, and is "assessing the situation and its options".
In a statement, the foods group said: "Nestlé is committed to taking all necessary steps to protect its rights and ensure continuity of business operations in the interests of all stakeholders, particularly its employees."
Nestlé still makes coffee, pet products and infant formula in Russia, but has scaled back operations since the Ukraine war began in 2022.
In 2021, the last year the company released a breakdown of sales figures for Russia, the region generated around CHF2bn ($2.4bn) in revenues, representing 2% of group sales - though this is thought to have roughly halved over the past five years as operations have been further scaled back.
Nestlé shares were down 2.1% at CHF76.70 by 1057 BST.
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