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Russia: Putin transfers AB InBev’s Russian entity into temporary management
Russian President Vladimir Putin has transferred shares in AB InBev’s Russian entity into temporary management, according to a decree published on a Russian government website on 30 December, the Drinks Business reported.
President Putin has had the capacity to place companies in temporary management under a decree published in April 2023. The decree grants the manager full control of the assets, but blocks the ability to dispose of them.
According to Reuters, the decree published on 30 December said 15,831,786,776 ordinary shares and 92,943 privileged shares in the AB InBev/Anadolu Efes venture were placed under the management of the Vmeste group of companies, an entity incorporated in Moscow last August.
Russian authorities continue to block efforts made by Western companies to exit Russia following the invasion of Ukraine.
Anheuser-Busch InBev, the world’s biggest brewer by volume, announced in 2022 that it would sell its interest in the Russian joint venture to its partner, Turkish brewer Anadolu Efes.
However, the deal required regulatory and government approvals, and was rejected by Russian authorities in August 2024.
AB InBev and Anadolu Efes said in separate statements at the time that approvals had not been granted.
“Anadolu Efes and AB InBev are reviewing the decision,” AB InBev’s statement said. “The business in Russia continues to operate under the direction of Anadolu Efes management.”
AB InBev had previously suspended sales of its brand Bud in the country, forfeited all financial benefits from the joint venture and taken a US$1.1 billion non-cash impairment related to its non-controlling stake.
The 50:50 joint venture between AB InBev and Anadolu Efes was formed in 2018. It operates in Russia and Ukraine, where it has 11 breweries and three breweries respectively.
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