Czechia blocks Russian supermarket owners from cashing out

Czech authorities have frozen the shares of Russian spouses Andrey and Anna Schneider, who operate Mere discount supermarkets in Czechia, following the European Union’s decision to place Schneider on its sanctions list.

The Financial Analytical Office (FAÚ) froze the shares in late July, meaning the couple cannot sell them or receive proceeds from them. The funds are being held in banks until further notice, according to reporting by Deník N.

The Czech Finance Ministry declined to comment on the decision.

The EU added Andrey Schneider to its sanctions list last week, describing him as “one of the leading businessmen operating in Russia” and saying that his companies provide material support to the Russian economy. The bloc also cited the operation of Schneider-linked companies in occupied Crimea since 2014.

Mere currently operates 12 discount supermarkets in Czechia. The chain’s most recent publicly available financial data dates from 2013, when it reported revenue of just under CZK 200 million and a loss of approximately CZK 4 million, according to Deník N.

The company also operates stores in Slovakia, Greece, and Romania.

Following Schneider’s inclusion on the EU sanctions list, Mere is closing its branches in Slovakia and Greece, although company representatives reportedly cited technical reasons for the closures.

Representatives of Mere did not respond to Deník N’s questions about whether the sanctions would affect the company’s operations in Czechia.

The asset freeze comes as EU countries prepare further measures against businesses and individuals linked to Russia. Bloomberg reported last week that the EU is considering sanctions against more than 1,600 companies accused of supporting Russia in its war against Ukraine.