Monday, 25 September, 2023

Russia seizes control of Danone and Carlsberg operations

Russia seizes control of Danone and Carlsberg operations

Popular News

Russia has taken control of the Russian subsidiaries of yoghurt maker Danone and beer company Carlsberg.

The units have been put in "temporary management" of the state, under a new order signed by Russian President Vladimir Putin.

Moscow introduced rules earlier this year allowing it to seize the assets of firms from "unfriendly" countries.

This came after many companies halted business in Russia following its invasion of Ukraine.

Danone and Carlsberg were in the process of selling their Russian operations.

Sunday's order places the shares of Danone Russia and the Carlsberg-owned Baltika Breweries under the control of Russian property agency Rosimushchestvo.

Carlsberg said it had not received "any official information from the Russian authorities regarding the presidential decree of the consequences for Baltika Breweries".