These companies are leaving Russia

Below is a list of companies by sector that have entered into agreements to sell their business in Russia:

Car manufacturers

• inchcape
  The British car distributor said it had agreed to sell its Russian business to local management. The sale will result in an exceptional non-cash pre-tax loss of approximately 240 million pounds ($299 million).
• Renault
  The French automaker said on May 16 that it would sell its majority stake in Russia’s biggest automaker, Avtovaz, to Russia’s Central Institute for Automotive and Engine Research and Development (Nami), with a buy-back option for six years. Renault also said that 100% of Renault Russia shares will go to the city of Moscow. Russia declared on April 27 that Renault would sell its 67.69% stake in Avtovaz to the institute for the symbolic sum of one rouble.

Banks

• PPF
  The Czech investment group has agreed to sell its Russian banking assets to a group of investors, PPF said on May 17. PPF’s consumer lender, Home Credit and Finance Bank, and its subsidiaries will be acquired by investors led by Ivan Tyryshkin, PPF said, without giving the price or other details of the deal.
  
• Societe Generale
  The French bank plans to complete the sale of its Rosbank unit to Russian firm Interros Capital “in the coming weeks”, it said on May 5. It announced the sale on April 11, adding that it would write off 3.1 billion euros ($3.6 billion), including 2 billion euros on Rosbank’s book value and the rest related to the takeover of the ruble conversion reserves.

Electrical equipment

• Schneider-Electric
  The French electrical equipment maker will sell its operations in Russia and Belarus to local executives, the company said on April 27, after signing a letter of intent with the designated buyers. It will write down up to €300 million ($314 million) of net book value and perform a non-monetary currency translation reversal estimated at €120 million.

Energy

• Shell
  The British energy and petrochemical giant will sell its retail and lubricants business in Russia to Russian company Lukoil, the companies announced on May 12. The transaction includes 411 service stations and the Torzhok lubricant blending plant. Shell declined to comment on the value of the transaction.

Food and beverages

• Anheuser-Busch InBev
  The Dutch brewer announced on April 22 that it would sell its minority stake in its Russian joint venture AB InBev Efes. The divestiture will result in a $1.1 billion impairment in the first quarter. The joint venture owns 11 breweries in Russia and three in Ukraine.

• Atria Oyj
  The Finnish food processing company said on May 16 that it sold its Russian fast food business, Sibylla Rus, to Russian meat producer Cherkizovo for around 8 million euros ($8.4 million).

• Fazer
  The Finnish bakery and foodservice company said on April 29 that it had agreed to sell its Russian unit to Moscow-based Kolomenskij Bakery and Confectionery Holding. Fazer did not disclose the value of the transaction.

• McDonald’s
  The American fast-food giant said on May 16 that it had begun a process of selling its business in Russia, after 30 years of operating its restaurants in the country. McDonald’s expects to record a mostly non-cash charge of approximately $1.2 billion to $1.4 billion.

• Paulig
  The private Finnish food and drink company said on May 5 that it had sold its business in Russia to Indian private investor Vikas Soi, after being cited by Russian authorities as an example of a foreign company that could to be nationalized. The divestment includes the Paulig Rus LLC unit and Paulig’s business, as well as its coffee roastery in Tver, but not the Paulig brand, which will be phased out of circulation in Russia over the coming months.

• Raisio
  The Finnish food processing company said on April 29 that it had agreed to sell its consumer business in Russia to Copacker Agro Ltd for around 1.5 million euros ($1.6 million). As a result of the sale, Raisio said it would recognize an estimated €2.9 million impairment loss in its first quarter earnings before interest and tax.

• Valio
  The Finnish dairy producer sold its operations in Russia to GK Velkom, the company said on April 26, following an earlier threat from Russian authorities to nationalize its operations there. Valio said the transaction would take effect immediately but did not give a financial value for it.

• Amur Minerals Corp.
  The London-listed Russian mining company announced on May 9 that it was offering to sell its main Kun-Manie project for $105 million and agreed to cede to the buyer the benefit of all loans owed by Kun-Manie to Amur for $30 million.

Others

• Kinross Gold Corp.
  Kinross is selling its Russian assets to the Highland Gold Mining group of companies for a total of $680 million in cash, the Canadian gold miner said April 5, nearly a month after it suspended operations in the country.

• Authentic Brands Group
  Turkish shoe retailer FLO Magazacilik is in talks to buy more than 100 stores belonging to fitness brand Reebok in Russia, which is part of the Authentic Brands group, FLO chairman Mehmet Ziylan said on May 16. Ziylan added that the deal has not been finalized.

• Brunel International
  The Dutch employment services company is in the process of selling its business in Russia to local management, it said on April 29, adding that its net investment in the country at the end of March was 14 million. euros ($14.7 million).

• Flugger Group
  The Danish paint maker said on April 8 that it had initiated the sale of its Russian and Belarusian companies, taking a writedown of 115 million Danish kroner ($16.2 million).

• Imperial Brands
  The British tobacco group said on May 17 that the terms of its agreement to leave Russia did not include a clause allowing it to buy back its activities in that country in the future. Imperial Brands had announced on April 20 the transfer of its activities in Russia to “Russian-based investors”, following discussions with an unidentified third party in March.

• AP Møller – Maersk
  The Danish shipping company has found potential buyers for its 30.75% stake in Global Ports Investments, which operates ports in Russia, it said on May 4.

• Stora Enso Oyj
  The Finnish logging company has completed its withdrawal from Russia with the sale of three corrugated packaging plants to local management, it said on May 16. In late April, Stora said it had agreed to sell its two sawmills and their forestry operations in Russia to local managers, posting a loss of 130 million euros ($136 million).

• YIT OYJ
  The Finnish automaker has signed an agreement with Etalon Group PLC to sell its operations in Russia for around 50 million euros ($52 million). As a result of this sale, YIT said it would recognize an impairment loss of approximately €150 million in its first quarter income statement.