Russia has recently taken control of the shares owned by Danone, a French yoghurt-maker, and Carlsberg, a Danish brewer. This move is seen as an attempt by Vladimir Putin to fund his illegal war in Ukraine. Under a presidential decree signed by Putin, the Russian state will temporarily manage the shares of Danone Russia and Baltika, which is owned by Carlsberg. Danone has expressed its concern about the situation and is preparing to take necessary measures to protect its rights as a shareholder and ensure the continuity of its business operations. Danone was one of the few Western businesses that decided to remain in Russia after Putin’s invasion of Ukraine, citing its responsibility to the people it serves. On the other hand, Carlsberg had announced its intention to sell its activities in Russia, but the prospects for this sales process have become highly uncertain due to the presidential decree. Last month, Carlsberg mentioned that it had found a buyer for the business, but the details remain unknown. Danone, on the other hand, had already planned to withdraw from most of its business in Russia, which could result in a significant write-off. Chief Executive Antoine de Saint-Affrique emphasized the importance of behavior and reputation when discussing the decision to stay in Russia. Many major Western companies have already pulled out of Russia since the conflict in Ukraine began in 2014.
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