Swiss tax free operator Global Blue went out of business in Russia
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One of the world’s largest operators of the tax free system, Swiss Global Blue, left the Russian joint venture, transferring a share to a partner. The deal provides for an option to buy back the stake over a specified period of time, the company said in a report (.pdf). Businessman Ruben Vardanyan was a partner of Global Blue in Russia, reported RBC.
Global Blue sold its stake (51%) in the Russian JV to a partner on July 11 amid sanctions. The fact that Global Blue is considering the possibility of selling a stake in the Russian joint venture was announced by the company in its report for the 2021-2022 financial year.
September 1 Mr. Vardanyan announced about the intention to renounce Russian citizenship and move to Nagorno-Karabakh.
According to SPARK-Interfax, the revenue of Global Blue LLC in 2021 amounted to 161.2 million rubles, net profit – 66.8 million rubles.
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