The window to leave Russia is shrinking. But by staying put, companies risk getting caught in a geopolitical crossfire.
'Uncomfortable'The beverage company had 1,800 staff in its Russian unit and was unable to execute a quick exit. In a recent statement in which it, it said, "recent developments in Russia in summer 2023 [including the nationalization of major Western companies] demonstrate that it is even more challenging for businesses to secure exit approval."
Heineken also stated that it was "uncomfortable" at the prospect of the Russian state benefitting from any potentially illegally appropriated business assets. On Aug. 25, more than one year after announcing its plan to leave, Heineken found a buyer in the Russian Arnest Group which purchased the companies' Russian operations for a euro. Heineken's revenue from Russia in 2022 was $613 million, according to theCompanies looking to exit Russia face strict restrictions put in place by the state and fear of expropriation in light of Carlsberg and Danone's takeovers.
"As part of the 'smart' sanctions approach, the civilian and humanitarian sectors are not targeted, and many Western companies continue to operate in these sectors," Shagina told CNBC. In comparison, sanctions on Iran and North Korea are a far more severe environment for Western companies to operate within.
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