Russian discount retailer MERE has suddenly suspended operations at its only known Hungarian store, operating in Budapest‘s 18th district under the Basket Plus name, after the European Union imposed sanctions on the owners of the retail empire behind the chain.
The closure comes only months after Basket Plus opened its first Hungarian store and had been presented as a potential challenger to established discount retailers such as Lidl and Aldi. The company has not publicly clarified whether the Budapest shutdown is temporary or permanent, Világgazdaság reported.
However, a notice displayed by MERE in Greece provides an unusually direct explanation for the disruption. In a message addressed to customers, the company says that its shops are suspending operations because of “recent decisions and sanctions imposed by the European Union on the owner of our group.”
Brussels targets the family behind MERE
On 23 July 2026, the Council of the European Union adopted a new decision expanding its restrictive measures against individuals and entities linked to Russia’s actions against Ukraine. Among those added to the sanctions list were Andrey Ivanovich Schneider, Sergey Ivanovich Schneider and Valentina Emmanuiovna Schneider.
The EU identifies the Schneiders as co-founders and co-owners of Svetofor Group, a major Russian discount retailer operating more than 2,200 stores in Russia and other countries under Svetofor, MERE and MyPrice brands.
Brussels says the Svetofor Group has operated in occupied Crimea since 2014 and continues to run stores in occupied Ukrainian territories. The EU also describes the Schneider family as supporting Russia’s domestic economy.
Also, Andrey Schneider is presented as a person supporting materially or financially actions undermining Ukraine’s territorial integrity, sovereignty and independence.
From MERE to Basket Plus in Hungary
The Hungarian operation had already taken an unusual route into the market. The retailer initially attracted attention as the Russian MERE discount chain, but its Hungarian operation ultimately opened under the Basket Plus name.
The concept was built around the ultradiscount model: a relatively simple shopping environment, limited product selection and aggressive pricing designed to compete with Europe’s established discount chains.
The arrival generated considerable interest because MERE had previously announced ambitious expansion plans in Europe. Hungary was expected to provide a platform for further development, rather than remain a single-store experiment.
The numbers in Hungary were already a warning sign
The Hungarian company operating the store, TS Retail Kft., reported a substantial loss for 2025. According to its published accounts, the company generated HUF 202.2 million in sales revenue during 2025, compared with zero sales revenue in the previous year.
The company reported a HUF 301.7 million after-tax loss, compared with a loss of HUF 187.3 million in 2024. That means the annual loss increased by approximately 61%. At operating level, the company recorded a loss of approximately HUF 294.6 million.
