Spirits giant Beam Suntory and its partner Edrington have agreed to sell the Maxxium Russia joint venture business to the local management team.
After suspending shipments to Russia following the invasion of Ukraine in early March, Beam Suntory began reviewing approaches to the future of its Russian business.
The spirits giant believes that the best way to exit the market was through a sale of the Russia joint venture to the local management team.
Shipments from Beam Suntory will remain suspended, the company added, as it continues to abide by all applicable laws, including international sanctions.
In January 2021, Beam Suntory announced plans to move its global headquarters to New York City in mid-2022.
The Jim Beam parent planned to relocate most of its executive leadership team positions, global brand house organisation, and select global corporate function roles to Manhattan.
Exit From Russia
Elsewhere, Diageo, the world's largest spirits maker, announced plans to wind down its business operations in Russia over the next six months. However, it will retain a business licence there that requires a number of employees to remain, according to Reuters. The spirits giant stopped shipping to and selling goods in Russia in March.
In April, Anheuser-Busch InBev announced plans to sell its stake in Russian joint-venture AB InBev Efes, which it said would result in a $1.1 billion (€1.02 billion) impairment charge in its first quarter results.