Russia Places Nestlé's Local Assets Under Temporary External Administration

Russian authorities have placed the local assets of Nestlé, the Swiss food and beverage company, under temporary external administration, according to a report by CNBC published Thursday.

The report said Nestlé is now assessing its options following the move, which comes amid a broader Kremlin effort to tighten control over Western companies' assets in Russia.

Details on the scope of the assets affected, the specific legal basis for the administration order, and the identity of any newly appointed administrators were not immediately available.

Since Russia's full-scale invasion of Ukraine in February 2022, Moscow has taken a series of measures targeting companies from countries that imposed sanctions on Russia, including placing some foreign-owned businesses under state or third-party control. Several Western firms have exited or scaled back operations in Russia in response to the war and subsequent sanctions regimes.

CNBC's report did not specify whether Nestlé had made a public statement beyond confirming that it was reviewing its options. Further details on the company's planned response were not disclosed in the report.

This is a developing story and further details may emerge as Nestlé and Russian authorities respond to the situation.