Illustration: Maura Losch/Axios
Anheuser-Busch InBev suspended Budweiser sales in Russia last month. Today, the company said it would exit the region entirely by selling a stake in a joint venture with Turkish brewer Anadolu Efes.
Why it matters: The move will result in a $1.1 billion charge against the company and shows just how far executives are willing to go to distance their businesses from Russia and its leader, Vladimir Putin.
Context: It comes as beer makers exit operations in Russia.
- "Danish brewer Carlsberg A/S on Thursday cut its earnings guidance and said it’s facing a $1.4 billion writedown as it moves ahead with plans to exit Russia, while Amsterdam-based Heineken NV said in late March it plans to sell its business in the country," per Bloomberg.
What's next: AB InBev said it’s already in “active discussions” with Anadolu Efes about selling the stake it's disposing to its Turkish partner.