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Carlsberg Group reportedly disconnected itself from its Russian business and claimed Moscow stole its business unit in the country as it refused to sign an agreement with the government. The chief of the Danish brewing company explained that it does not want to enter into a deal because that would only make the seizure of its assets appear legal.
Carlsberg’s chief executive further claimed on Tuesday, Oct. 31, that the Russian government has “stolen our business.” As per CNN Business, the brewer has been trying to sell its Baltika subsidiary since last year as it follows other Western companies with their decision to leave Russia after it launched an invasion attack on Ukraine.
Moscow’s Seizure of Assets
The Copenhagen, Denmark-headquartered firm announced in June that it finally found a buyer for its subsidiary in Russia; however, the following month after the announcement, it was said that the nation’s president, Vladimir Putin, suddenly ordered a temporary seizure of the company’s stake in its local unit.
Reuters reported that Carlsberg operates eight breweries in the region and employs around 8,400 workers. And referring to the seizure order, Jacob Aarup-Andersen, the newly-appointed CEO of Carlsberg, said that from the limited interactions with their Baltika subsidiary’s management and Russian authorities, they had not been able to find any justifiable solution to the situation since July.
“There is no way around the fact that they have stolen our business in Russia, and we are not going to help them make that look legitimate,” the CEO told the press after Carlsberg’s recent quarterly earnings report. “We are not going to enter into a transaction with the Russian government that somehow justifies them taking over our business illegally.”
Termination of License
Carlsberg said it had already notified Baltika that it had cut all its license deals to produce, market and sell its brewery products in the territory. BBC News further mentioned that the company said that now it has severed its ties, it is unsure of the future of Baltika.
Photo by: Elin Tabitha/Unsplash
