INSUBCONTINENT EXCLUSIVE:
Russia, and is likely to trigger fresh concern among businesses that have continued operating in the country, experts said.President
Vladimir Putin is handing control of the Russian subsidiaries of French food maker Danone and Danish brewer Carlsberg to regime loyalists,
according to local media reports and government corporate registries, in a move that amounts to an expropriation of assets valued at well
over $1 billion.Both companies have huge operations in Russia and had publicly said they were preparing to exit the country, though had not
yet closed down operations or finalized a sale.Danone, the largest producer of dairy products in Russia, took in $3 billion in revenues in
Russia last year, according to the Kyiv School of Economics (KSE)
Its Russian subsidiary will be taken over by longtime Putin friend Taimuraz Bolloev, who has connections to Kremlin-favored tycoons Yury and
economic sanctions at the International Institute for Strategic Studies (IISS).Baltika Breweries.Alexander Demyanchuk / TASSSince it invaded
were justified by the Kremlin in terms of national security or retaliation for Germany nationalizing a local subsidiary of Russian gas giant
Gazprom in 2022.Now that the Kremlin has crossed another threshold by expropriating the Russian operations of two major food-and-drink
Upon striking a deal, companies then face difficulties getting hold of the proceeds because of Russian capital controls and a
arguments against this has been that if we do it, it risks Russian retaliation
under permanent threat, then that undermines the argument that some kind of bargain can be reached between Western assets in Russia and the
no longer there, the more one waits, the more likely they are to lose everything
campaigning for Western firms to disengage from Russia from the start of the war said Danone and Carlsberg were paying the price for being
