Vladimir Putin has placed brewer AB InBev Efes B.V.’s Russian operations under temporary management, Istanbul-listed Anadolu Efes (AEFES) has informed the market.

An entity named GK Vmeste is now acting as a trustee that controls the operations.

In April 2022, two months after Putin launched his full-scale Ukraine invasion, Brussels-listed Anheuser-Busch InBev SA/NV (AB InBev; Brussels/ABI), the world's largest brewer, said that it was in talks with AEFES to transfer its stake in AB InBev Efes, a 50:50 JV between ABI and AEFES that operated the partners’ operations in Russia and Ukraine.

It was seen as a solution for the tie-up business in the face of sanctions on Russia introduced by Western countries in response to the invasion.

In August 2024, Moscow rejected the proposed AEFES acquisition of ABI’s stake in AB InBev Efes’ Russia operations.

In October 2024, ABI and AEFES came up with another plan to overcome the Kremlin obstacles. They would, they said, swap their stakes in AB InBEv Efes’ Russia and Ukraine operations.

As a result, ABI would take over full control of the Ukraine operations and AEFES would take over full control of the Russia operations.

The latest ruling on the matter from Putin has wrecked the plan.

AB InBev Efes, launched in 2018, has 11 production plants in Russia and three in Ukraine. It is a market leader in Russia.

AEFES is a JV beverage group held by Istanbul-listed AG Anadolu Grubu Holding (AGHOL) and AB InBev.

Not alone

By February 2024, only 9% of foreign companies operating in Russia had managed to fully exit the market due to hindrances introduced by the Kremlin.

In 2023, Moscow seized the Russian subsidiaries of dairy producer Danone (Paris/BN) and brewer Carlsberg (Copenhagen/CARL).

In December 2024, a Chechen official took over Danone’s assets and a Putin ally took over Carlsberg’s assets.

The Kremlin has also seized some other food and beverage companies.

Meanwhile, Germany seized the stake held by Russian state-owned oil major Rosneft (Moscow/ROSN) in Schwedt oil refinery.