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• Brewer will sell interest in Turkish brewer Anadolu Efes in response to Ukraine invasion
The company that brews Budweiser would no longer be serving Russia as it takes a $1.1 billion hit, as Moscow continues to attack Ukraine.
Anheuser-Busch InBev (AN InBev) (NYSE: BUD), the Belgian-US brewer of Budweiser, Corona and Becks, said in a press statement that it would sell its stake in its large Turkish joint venture in Russia.
AB InBev has operated in Russia through a non-controlling stake in a joint venture run by Turkish drinks maker Anadolu Efes. The brewer had earlier announced that it would forfeit all financial benefits from the joint venture.
AB InBev has also asked its joint venture partner to stop production and sale of Budweiser in Russia.
In a statement, AB InBev said its “focus remains on assisting its people, their families and the overall humanitarian relief efforts while wishing for peace”.
It has launched a Ukrainian beer, Chernigivske, profits from the sale of which will go to supporting humanitarian relief efforts. The beer is being marketed in UK, Germany, Belgium, France, Netherlands, Denmark, Austria, Poland, Italy, Colombia and Brazil.
AB InBev isn’t the first brewer to exit Russia following the country’s relentless assault on Ukraine. Carlsberg said Thursday it would take a $1.39 billion write-down tied to its decision to leave Russia. Heineken has said it expects to take a $432 million charge tied to its move to leave.
Shares in AB InBev dropped 2.98% at the time of going to press.
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With inputs from AB InBev