ST. LOUIS — Anheuser-Busch InBev (NYSE: BUD), the Belgium-based brewer, said it is asking the controlling shareholder in its Russia venture to suspend the license for production and sale of Budweiser in that country.
The move is a response to Russia's war in Ukraine. A-B InBev, which has its North American headquarters in St. Louis, and other St. Louis firms have operations in both countries, and one of St. Louis' biggest law firms last week said it is ceasing operations in Russia.
A-B InBev said its presence in Russia is through a joint venture called Efes, created in 2018 from a merger of A-B InBev and Turkish brewer Anadolu Efes in Ukraine and Russia. The firm says it has 7,000 employees.
Michel Doukeris, CEO of A-B InBev, emphasized in a statement that it does "not have a controlling stake at the joint venture and do not consolidate it in our accounts."
"We have requested the controlling shareholder to suspend the license for the production and sale of Bud in Russia," he said. "Furthermore, we are forfeiting all financial benefit from the joint venture operations."
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