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Companies sell their services in Russia

Lots of Western business have actually sold their Russian assets or handed them over to local supervisors to adhere to sanctions over the war in Ukraine and respond to threats from the Kremlin that it may seize foreignowned possessions.

Below are some business that have offered their organizations in Russia, divided by sector: AUTOS

Continental sold its Russian tyre plant to holding company S8 Capital in May 2023.

Renault offered its bulk stake in Avtovaz to the Russian state in 2022, reportedly for just one rouble however with a six-year choice to buy it back.

Volkswagen finished the sale of its Kaluga production plant and regional subsidiaries in May 2023. BANKS & & INSURERS ING stated on Jan. 28 it had actually accepted sell its Russian organization to Global Development JSC without disclosing monetary details. It expects a hit of about 0.7 billion euros ($ 730.7 million) on its post tax results from the offer.

HSBC moved ownership of its Russian unit to Expobank for an undisclosed cost, it stated in May.

Societe Generale offered its Rosbank organization to Interros Capital in May 2022, taking a 3.1 billion euro hit.

Uniqa Insurance coverage stated on Oct. 4 it had concluded the sale of Raiffeisen Life and therefore completed its exit from Russia.

ENERGY

Shell sold its Russian retail and lubes company to Lukoil in 2022.

FOOD & & BEVERAGES, DURABLE GOODS

Carlsberg said on Dec. 3 it had accepted sell its shares in Russia's Baltika Breweries to longstanding Baltika staff members in a management buyout.

Heineken offered its operations in Russia to Arnest Group for a symbolic one euro, it stated in August 2023.

Belgian brewer AB InBev accepted offer its stake in joint venture AB InBev Efes in April 2022, taking a $1.1 billion disability.

Danone completed the sale of its Vital Dairy and Plant-based company in Russia to Vamin R LLC in May, taking a hit of 1.2 billion euros.

Unilever stated on Oct. 10 it had completed the sale of its Russian unit to Arnest Group, a Russia-based producer of fragrance, cosmetics and family products, without disclosing the terms. FORESTRY & & PACKAGING International

Paper sold its 50% stake in a JV to Russian shareholders in September 2023. Britain's Mondi sold three packaging converting operations to Gotek Group for 1.6 billion roubles ($ 16.41 million) and consented to offer its biggest plant in Russia to Sezar Invest for 80 billion roubles.

Finnish packaging maker Huhtamaki in 2015 sold its Russian operations for 151 million euros, while forestry firm Stora Enso offered its three corrugated packaging plants to local management. RESTAURANTS & & RETAIL

AmRest in May 2023 closed the sale of its KFC organization in Russia to Smart Service for 100 million euros.

Gazprombank Group purchased 14 MEGA shopping center in Russia from a system of IKEA operator Ingka Group in September 2023 for a concealed cost. On Nov. 8, 2024, Ingka stated it had actually offered its last possession in Russia, finishing its exit from the nation.

Hugo Employer sold its Russian service to wholesale partner Stockmann for an undisclosed cost, it stated on Aug. 5.

Moscow approved the sale of Zara owner Inditex's. Russian service to a UAE-based buyer in April 2023.

LPP sold its Russian service in June 2022 to a. Chinese consortium and a former CEO of Russian business Re. Trading. The rate for the stores was $135.5 million, plus 1.2. billion zlotys ($ 297.6 million) for stock. LPP taped a. 600 million zloty loss on the sale, it said in March 2024.

McDonald's sold its service in Russia in 2022,. taking a charge of $1.28 billion. TOBACCO

British American Tobacco said in September 2023 it. would sell its Russian and Belarusian organizations for an. concealed sum to a consortium led by its Russian management. team.

Imperial Brands transferred its Russian organization to. investors based in Russia in April 2022. OTHER

EMBRACER

The Swedish video gaming business ceased operations in Russia by. divesting chosen properties from its Saber Interactive subsidiary. for $247 million, it said in March.

FRAPORT

The German airport operator said on Dec. 5 it was close to. finishing the sale of its 25% stake in St. Petersburg airport. Pulkovo to Middle East-based investor Orbit Air travel LLC.

POLYMETAL INTERNATIONAL

The rare-earth elements manufacturer said in March it had completed. the sale of its Russian company to a Siberian gold miner in a. $ 3.69 billion deal, including the business's $2.21 billion net. debt.

VEON

The telecoms operator finished its exit from Russia in. October 2023 with the sale of Vimpelcom to senior members of the. local management team.

XEROX HOLDINGS

Printer maker Xerox Holdings said on in October 2023 it had. offered its operations in Russia to regional management for an. concealed sum.

YANDEX NV

Yandex, a Dutch-registered firm that runs an internet. search engine, finished its split in July, with a Russian. consortium of financiers buying the bulk of its companies in a. deal worth around $5.4 billion. ($ 1 = 0.9148 euros). ($ 1 = 97.5000 roubles). ($ 1 = 4.0323 zlotys)

(source: Reuters)