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French company Danone starts dissolution of its last subsidiary in Belarus

by Alexander Khrebet April 5, 2024 10:24 AM 2 min read
A factory belonging to the French dairy company Danone near Chekhov, Russia, on July 22, 2017. (Yuri Kadobnov/AFP via Getty Images)
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The French dairy products company Danone launched a dissolution of its last subsidiary in Belarus, DanoneBel, independent Belarusian media outlet Plant B reported on April 4.

The yogurt maker has been operating in Belarus since 2008.

Danone had previously divested its stakes in two Belarusian factories located in Pruzhany and Shklou, according to the news story.

Several Western companies have left Belarus, a longtime Russian ally that has been involved in and supporting the full-scale invasion of Ukraine.

More foreign companies have abandoned or scaled back their operations in Russia as a response to the all-out war against Ukraine, which Moscow unleashed in late February 2022.

After Russia began its full-scale invasion, Danone initially said it would stay in Russia but changed course later in October 2022, pursuing a sale of its Russian operations.

Danone's Russian assets lost management control to the Russian government in July 2023 in Moscow's response to Western sanctions against Russian companies abroad.

Danone announced on March 22 that it had obtained the necessary regulatory approvals from Russia to dispose of its business in the country to Vamin R company. The closing of this disposal was expected in the coming weeks since the announcement.

The French company launched the transfer process of this business in October 2022.

According to the company, the total loss in its accounts amounts to $1.3 billion.

Reuters: Losses of foreign firms who exited Russia surpass $107 billion
The exit measures implemented by the Russian government, combined with writedowns, lost revenue, and other factors, account for the staggering figure, Reuters found.
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