Carlsberg has announced it has found a buyer for its Russian business.

In a short statement issued today (23 June), the Tuborg brewer did not reveal the identity of the buyer and said the deal remained “subject to a comprehensive regulatory approval process”.

Carlsberg said it could not give an estimated date of competition for the transaction, nor provide further details at this time.

The statement said: “Following our decision last year to sell our business in Russia and the subsequent extensive process of separating the business from the rest of the Carlsberg Group, Carlsberg has today signed an agreement to sell its Russian business.”

“The separation of the Russian business from the rest of the Carlsberg Group has been very complicated, including around 150 work streams across business functions and more than DKr150m ($21.9m) investments in brewery equipment and IT infrastructure in markets outside Russia”

Carlsberg said the sales agreement would have no impact on its 2023 earnings expectations.

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CEO Cees ’t Hart added: “The signing of an agreement to sell the Russian business is a very important milestone in the highly complex separation and selling process.

“While it has been an extensive process, it has been important for us to reach the best possible solution for all stakeholders, including our more than 8,000 employees in Russia. We now look forward to receiving the necessary regulatory approvals.”

Carlsberg is one of the multinational brewers with the largest exposure to Russia and has subsequently been keenly impacted by the country’s decision to invade Ukraine in February last year.

Following the outbreak of war, Carlsberg made the decision to divest its entire presence in Russia, a process it later said could take up to 12 months.

The brewer has indicated it could return to Russia in the future, however, if circumstances allow.

Finalising the sale of the business in Russia is one of the items on the agenda for t’Hart ahead of his retirement later this year.