Moscow has seized control of the Russian subsidiaries of French yogurt maker Danone and Danish brewer Carlsberg
In a decree signed by Russian President Vladimir Putin Sunday, foreign-owned stakes in Danone’s Russia business, and Carlsberg’s stake in local brewer Baltika were put under the “temporary management” of Russia’s federal property agency. The decision follows a decree Putin signed in April that allows the government to place foreign assets in the country under its temporary control if Russian assets abroad are seized or threatened.
Companies still in the process of leaving Russia may now feel a fresh sense of urgency to do so. Carlsberg\n \n said in a statement Sunday that the development was “unexpected” and that the prospects for the sale of Baltika Breweries were now “highly uncertain.” The Danish company had agreed a deal late last month to sell the business, subject to regulatory approvals. Baltika is one of the largest consumer goods companies in Russia and employs 8,400 people, according to Carlsberg’s website.
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