Carlsberg's Russian Assets Returned to Ownership

Carlsberg A/S shares rose by 3.9% following a decree from Russian President Vladimir Putin that removed the brewer's Russian assets from state control. The decree nullified the previous seizure of Carlsberg's stake in Baltika Breweries, which had been placed under temporary management by Moscow in July 2023. Carlsberg's CEO, Jacob Aarup-Andersen, previously described the state action as theft. The current decree does not clarify who will control the assets moving forward, and Carlsberg has not issued an immediate comment on the situation. Baltika, Russia's largest brewery, has also remained silent regarding the announcement. This development could significantly influence Carlsberg's future operations in Russia.