Anheuser-Busch InBev announced that it was seeking to suspend sales of Bud beer in Russia and will forfeit all financial benefit from a joint venture that operates in the country, following similar action from other major brewers.
The world’s largest brewer is partners with Turkey’s Anadolu Efes in Russia and Ukraine, but it does not have a controlling stake and does not consolidate it in its accounts.
‘We have requested the controlling shareholder to suspend the licence for the production and sale of Bud in Russia. Furthermore, we are forfeiting all financial benefit from the joint-venture operations,’ AB InBev noted in a statement.
The company highlighted that it was still awaiting confirmation from its partner that Bud sales would be suspended.
Other Major Brewers
AB InBev’s move follows that of other major brewers.
The AB InBev-Efes joint venture has 11 breweries in Russia, employing 3,500 people, and three in Ukraine, employing 1,800.
AB InBev noted that the employees would continue to be supported and paid.
It added that it was working with the Red Cross, local NGOs, and other consumer product groups to provide food, blankets, medical supplies, and two million cans of drinking water to Ukraine and the surrounding refugee relief areas.