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Russia refuses to let AB InBev leave. The Belgian brewing giant has been looking for a way to sell its Russian operations to its local partner, but the Russian authorities are saying no.
Exit plan fails
After Russia’s invasion of Ukraine, AB InBev was one of many multinationals that chose – under international pressure – to leave the country. Late last year, the beer giant seemed to have figured out a way to do so without risking too much: AB InBev would sell its half in the Russian (and Ukrainian) joint venture to its Turkish partner Anadolu Efes.
According to the deal, Anadolu Efes did not have to pay anything for the acquisition at the moment, but compensation could follow in the future if business picks up. AB InBev has already taken a one-billion-euro write-down on its Russian operations and, for ethical reasons, was no longer drawing revenue from the country.
However, Russia is not letting go of AB InBev just yet: the authorities refuse to approve the deal. Consequently, AB InBev will have to continue operating in Russia, but under the management of Anadolu Efes. In this way, the breweries will escape – at least for now – the fate of Carlsberg, whose local branch was promptly nationalised when the brewer wanted to sell it.
