Diageo is the world’s biggest spirits company as well as the maker of Guinness and Red Stripe beersDiageo, the world’s largest spirits maker as well as the maker of Guinness, will wind down its business operations in Russia over the next six months, it said on Tuesday, becoming the latest Western brand to withdraw.
Foreign companies seeking to exit Russia over the war in Ukraine face the prospect of a law being passed in the coming weeks to allow Moscow to seize assets and impose criminal penalties. That has encouraged some businesses to accelerate their departure.Michelin plans to hand over its Russian activities to a new entity under local management by the end of the year, it said on Tuesday, becoming the first Western tyre-maker to withdraw from business in Russia.
Once the process of winding down is complete, Diageo will have fewer than 10 employees in Russia, the source said.
IrishTimes Chinese Indian and Turkish companies are picking up businesses for pennies in the pound and reopening them the next day