The media reported an increase in profits Bacardi in Russia after the announcement of the suspension of supplies
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Alcohol producer Bacardi continues to supply products to Russia, despite the announcement of the suspension of exports to the country. The net profit of the Russian division of the company increased several times in 2022. On this drew attention of The Wall Street Journal (WSJ).
According to the publication, the company continues to import Gray Goose vodka, Bombay Sapphire gin, Oakheart rum, Dewar’s Scotch whiskey, Patron tequila and vermouth under the Martini brand and others into Russia. WSJ, citing data from the Federal Customs Service collected by the Export Genius platform, notes that the division of Bacardi in Russia “Bacardi Rus” as of June 30 imported products for $169 million in 12 months.
In addition, in 2022, the net profit of Bacardi Rus increased several times compared to 2021 – up to 4.7 billion rubles. (against RUB 1.5 billion in 2021). The company’s revenue in 2022 amounted to 32.6 billion rubles, an increase of 8.5% compared to 2021.
WSJ writes that shortly after the start of Russia’s special operation in Ukraine, Bacardi announced the suspension of supplies in Russia and investment in advertising. According to the newspaper, this information remained on the company’s website for most of 2022, but it has now been removed from the statement.
Bacardi did not respond to a newspaper request.
Against the backdrop of the start of Russia’s special operation in Ukraine, a number of large alcohol producers suspended the supply of products to the Russian Federation. Among them are Pernod Ricard (Absolut, Jameson, Ararat), Diageo (Bailey’s, Johnnie Walker, Captain Morgan, Baileys) and others. In November 2022, the Ministry of Industry and Trade allowed parallel import of alcohol into the country. The list includes Jim Beam, Jagermeister, Johnnie Walker, Bell’s, White Horse, Jack Daniel’s and others.
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