Anheuser-Busch InBev is looking for a buyer for its business in Russia, becoming the latest international brewer to prepare an exit from the market.
The group, which has a joint venture with Anadolu Efes in the country, confirmed today that “active discussions” are taking place with its partner over a divestment of its stake. As part of the negotiations, flagship brand Budweiser, marketed as ‘Bud’ in Russia, will not be produced or sold in the country.
The news, which will see the group take a US$1.1bn non-cash impairment charge in its next set of results, comes almost a month after rivals Carlsberg and Heineken confirmed their intentions to pull out of Russia.
On 11 March, A-B InBev stated that it was not in a position to fully shut down its Russian operations, given that Anadolu Efes holds a controlling stake in the JV.
In today’s announcement, A-B InBev highlighted its humanitarian efforts in Ukraine, including support for employees and their families in the form of counselling, housing and financial assistance. The company has also launched its Ukrainian brand, Chernigivske, in markets including Brazil, Colombia, Germany and the UK, with all profits donated to relief efforts.
The company will report its results for the first three months of 2022 on 6 May.