Moscow has approved a €300mn deal for Danish brewer Carlsberg to sell its Russian assets to local company VG Invest, according to government documents seen by the Financial Times.
The Kremlin has put tight restrictions on western companies trying to exit the Russian market following the full-scale invasion of Ukraine.
Russia took control of Carlsberg’s subsidiary Baltika Breweries in July 2023 and placed it under “temporary management”. In October that year, Carlsberg said it had written off the business and accused the Russian government of having “stolen” Baltika.
Carlsberg Group said on Tuesday that, as part of the sale, Baltika Breweries will transfer all its shareholdings in Carlsberg Azerbaijan and Carlsberg Kazakhstan to the Carlsberg Group.
Jacob Aarup-Andersen, CEO of Carlsberg Group, said: “With today’s announcement, we will settle numerous lawsuits and IP rights issues related to Baltika Breweries. Considering the circumstances, we believe it is the best achievable outcome for our employees, shareholders and the continued business.”