The world’s biggest brewer is pulling out of Russia, exiting a key beer market, as Moscow’s invasion of Ukraine drags on and multinational companies weigh up their options.
Anheuser-Busch InBev SA said it would sell its stake in its large Russian beer joint venture, booking a $1.1 billion impairment charge. That follows moves by its biggest rivals,
Heineken
HEINY 0.20%
NV and
Carlsberg
CABGY 0.98%
A/S, which operate independently in Russia, and said weeks ago that they would pull out.
AB InBev
BUD -0.08%
operates in Russia through a non-controlling stake in a joint venture run by Turkish drinks maker Anadolu Efes. The Budweiser maker said Friday it was in discussions to sell its stake to Anadolu Efes.
Carlsberg said Thursday it would take a $1.39 billion write-down tied to its decision to leave Russia. Heineken has said it expects to take a $432 million charge tied to its move to leave.
Two months into Russia’s invasion of Ukraine, companies who haven’t already pulled out of the country are evaluating their continued presence—based on considerations they say are moral, logistical or based on safety concerns.
AB InBev’s move comes amid intense pressure on big companies from Ukraine’s government, Western countries, investors and consumers to pull out of Russia. A raft of financial sanctions and export controls slapped on Russia by Washington and its allies has made doing routine business in the country difficult, if not impossible, for many companies. Making international payments, importing raw materials and paying staff have all been complicated by the new restrictions.
More than 750 Western companies have said they will exit or cut back operations in Russia, according to researchers at Yale University.
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