Many companies are simply staying put, sometimes citing responsibility to shareholders or employees or legal obligations to local franchisees or partners. Danish brewer Carlsberg announced its intention to divest its Russia business — one of Russia’s largest brewing operations — in March 2022 but faced complications clarifying the impact of sanctions and finding suitable buyers. She called the Russia business a deeply integrated part of Carlsberg. Companies are lost in “a Bermuda Triangle between EU sanctions, US sanctions and Russia sanctions,” said Michael Harms, executive director of the German Eastern Business Association. In Russia, major business figures are often people who are “well connected with the government”, Mr Harms said.

Source: The Star May 25, 2023 07:38 UTC