The Russian part of Auchan's business has been put up for sale, the website of the daily “Le Figaro” reported. Journalists note that more than two and a half years have passed since Auchan remained in Russia, despite the ongoing war in Ukraine. “Now he has given up,” they write.
According to the French daily, Auchan complies with the sanctions imposed by the EU on Russia in connection with Moscow's aggression against Ukraine.
“It does not invest money in local businesses, which puts the company in a very unfavorable position compared to Russian players who can only invest in their own companies due to sanctions,” a source close to the company told the newspaper.
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It was no longer possible to run a business
Previously, Auchan representatives have repeatedly emphasized that the company does not intend to leave the Russian market. “Officially so as not to 'punish' local customers, but in reality because Russia was considered a future market, just like China“- commented the portal.
The decision to leave Russia was made only when it became clear that it was impossible to conduct business “while complying with the 18 sets of sanctions imposed by the EU on Moscow,” says “Le Figaro.”
Russia makes it difficult to leave its market
Russia makes it difficult for companies to leave its market by imposing on the largest enterprises the obligation to obtain consent and burdening them with taxes and forced discounts.
According to Reuters, foreign companies that left Russia suffered losses of over $100 billion.
Main photo source: EPA/MAXIM SHIPENKOV