Russian authorities stole our business – Kommersant

Carlsberg has severed all ties with its Russian business and will not agree to a deal with Moscow that would “legalize the seizure of assets.” This was announced by the CEO of the Danish brewing company Jacob Aarup-Andersen.

Today Carlsberg Group presented report based on the results of the third quarter of 2023. According to the document, the group’s revenue in July-September increased by 0.3% and amounted to 20.29 billion Danish kroner ($2.89 billion). In the report, Carlsberg Group also announced plans to protect its assets related to the Baltika company, which is under the temporary management of the Federal Property Management Agency. Against this background, the accounting write-off of assets reached almost $1 billion.

“We still do not have any clarity regarding our Russian business. Interaction with Baltika management and Russian authorities is very limited. They stole our business in Russia, and we are not going to help them legitimize it,” the head of Carlsberg commented on the financial results (quoted by Reuters).

Carlsberg Group, like many other Western companies, intended to leave the Russian market and sell its Baltika Breweries. At the end of June, Carlsberg Group announced that it had completed the search for an investor for Baltika and signed an agreement with the future owner of the assets. However, on July 16, President Vladimir Putin signed decree on the transfer of shares in Baltika to the temporary management of the Federal Property Management Agency.

October 3 Carlsberg reported, which terminated licensing agreements with the Baltika brewing company. She called the move a response to President Vladimir Putin’s decree calling for the “effective nationalization” of Carlsberg’s Russian assets.

Read more in the publication “Kommersant” “Tuborg is not merging from Russia”.