Danish brewery group Carlsberg said on Monday it is pulling out of Russia, hours after its competitor, Dutch brewing giant Heineken, did the same, citing Moscow's ongoing war against Ukraine. Carlsberg fully owns Baltika Breweries, one of the largest brewing concerns in Russia and the biggest exporter of Russian beer. In 2021, Carlsberg reported revenue in Russia of 6.5 billion kroner ($1.2 billion Cdn) and operating profit in Russia of 682 million kroner ($126 million). Business 'no longer sustainable' in RussiaIn the Netherlands, Heineken said that its business in Russia "is no longer sustainable nor viable in the current environment. Earlier this month, Carlsberg said it was immediately stopping new investments and exports to Russia with 't Hart saying then that the stop also includes exports from other Carlsberg Group companies to Baltika Breweries.

Source: CBC News March 28, 2022 18:25 UTC