In a press statement, Unilever Russia said that the sale had ended the company’s presence in Russia.
Unilever is a leading global supplier of food, home-care and personal care products. It has over 400 brands, and sells its products in 190 countries including Ukraine. Arnest Group, a Russian company, had acquired Heineken’s Russian business earlier for a symbolic sum of 1 euro.
Unilever has a valuation of 600 million Euros ($663 million) whereas sources cited by RBK (a Russian pro-state outlet) estimate that its assets in Russia are worth 35-40 billion roubles.
Reuters reports that Russia’s Kremlin insists on a minimum discount of 50% on exit deals involving firms from countries that have imposed Russian sanctions.
Unilever was criticised earlier and placed on the list as “international sponsors of war” by Ukraine’s National Corruption Prevention Agency. This is despite its promises to suspend the imports and exports from and to Russia at the start of the full-scale invasion.
The International Sponsors of War List, launched in summer 2022, is a campaign that aims to change public opinion and encourage withdrawal of multinationals from Russia.
Unilever, according to the agency, paid around $50 million in taxes to Russia’s state budget in 2022. Its profit increased from $61 millions in 2021 to over $117 million in 2022.
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