Sector News

Diageo to wind down operations in Russia

July 3, 2022
Consumer Packaged Goods

Diageo has announced it will wind down its Russian business operations over the next six months, with plans to fully withdraw by the end of the year, according to Reuters.

In March, the drinks giant suspended all exports of its products to Russia as well as the manufacturing of its beers, which are brewed locally under license by third parties.

“Our focus will remain on supporting our employees in the region and providing them with enhanced redundancy terms, while ensuring we comply with local regulations,” a Diageo spokesperson said in a statement to Reuters.

Western companies looking to exit Russia amidst the ongoing Russian-Ukraine conflict face the prospect of a new bill being passed that will allow Moscow to seize assets and impose criminal penalties against businesses, encouraging companies to accelerate their withdrawal from the country.

by Reuters

Source: foodbev.com

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