Russia, this Bud’s NOT for you!
Via Bloomberg News:
“Anheuser-Busch InBev will sell its stake in a Russian joint venture, taking a $1.1 billion hit as the world’s largest brewer joins the global move to exit operations following the country’s invasion of neighboring Ukraine. The move comes in the wake of decisions across the beer industry to halt operations in Russia. Danish brewer Carlsberg A/S on Thursday cut its earnings guidance and said it’s facing a $1.4 billion write down as it moves ahead with plans to exit Russia.”
Russia was for years one of the world’s fastest-growing beer markets, but has been a tough environment since the global financial crisis.
More than 750 Western companies have said they will exit or cut back operations in Russia, according to researchers at Yale University.
Moscow, meanwhile, has been pressuring companies to restart operations.
One hundred bottles of beer on the wall. One hundred bottles of beer. Take em all down, because Putin’s a murderous assclown. NO BOTTLES OF BEER on the wall!