Russia: AB InBev to forfeit all financial benefit from JV in Russia

Anheuser-Busch InBev NV is the latest global brewer trying to withdraw from Russia after it asked a controlling partner that brews Budweiser to suspend sale and production in the country, Bloomberg reported on March 11.

The world’s largest brewer said in a statement it will forfeit “all financial benefit from the joint venture operations,” which it operates with Turkish brewer Anadolu Efes. Given Anadolu Efes controls the business, it’s unclear whether Budweiser beer will remain available in Russia.

European and U.S. companies are rushing to withdraw from the country or suspend operations after the invasion of Ukraine. Earlier this week, Heineken NV, Carlsberg A/S and Molson Coors Beverage Co. joined the growing ranks of global brands disappearing from Russia. Their moves have left Budweiser as one of the last major international beer brands in the market.

Anheuser-Busch said it’s providing financial assistance to 1,800 employees in Ukraine and their families, and that joint-venture employees in Russia and Ukraine will continue to be supported and paid.

Major brands in Russia made by Anheuser-Busch include Bud, Bud Alcohol Free, Spaten, Corona Extra, Velkopopovický Kozel and Hoegaarden.

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