Drinks group Pernod Ricard says it will stop sales in the country in the next several months
© Getty Images / Yagi Studio
French drinks company Pernod Ricard, the owner of Absolut vodka and Jameson whisky brands, has halted all exports to Russia, the company said in a statement on its website on Friday.
According to the statement, the company plans to run down existing inventories and then completely stop the distribution of its brands in the sanctioned country in the coming months.
“Pernod Ricard can confirm that it has stopped all exports of its international brands to Russia at the end of April 2023. We will also cease the distribution of our portfolio in Russia, a process that we anticipate will take some months to complete,” the statement read.
The company noted that it is currently “assessing how to adapt its local organization” in light of its decision, and pledged to continue to support local employees during the exit process. A spokesperson for Pernod Ricard told Just Drinks news outlet that the company has around 300 employees in Russia. He noted that the company plans to retain a small presence in the country so it can resume exports in the future “when the circumstances will be okay.”
Along with several other Western drinks companies, Pernod Ricard suspended exports to Russia in March 2022 after a number of Western states placed sanctions on the country in connection with the conflict in Ukraine.
However, the French group resumed deliveries of some of its brands to the country when stocks began to run low late last year, and restarted exports of its Swedish brand Absolut last month. The company said the decision was necessary to protect its local staff from accusations of intentional bankruptcy, which is a criminal offence in Russia.
READ MORE:
Top EU vodka brand calls it quits in Russia
It was since forced to stop Absolut exports, however, following an outcry in Sweden and threats to boycott Pernod Ricard products.
For more stories on economy & finance visit RT’s business section
