Anheuser-Busch InBev plans to exit Russia by selling its interest in a joint venture with Turkish brewer Anadolu Efes that operates in Russia and Ukraine and expects to take a $1.1 billion charge as a result.
The announcement on Friday by the world's largest brewer, based in Belgium, comes after similar moves by its rivals Carlsberg and Heineken following Russia's invasion of Ukraine, which Moscow dubs a "special operation" to demilitarise its neighbour.
In March, AB InBev sought to suspend sales of its Bud brand in Russia and said it would forfeit profits from the AB InBev Efes joint venture.
On Friday, it said it would sell its non-controlling interest in the venture and was in active discussions for Anadolu Efes, to acquire it.
It added it would no longer recognise investments in the venture and will report a $1.1 billion non-cash impairment charge in its first-quarter results due on May 5.
The venture contributed $1 million to AB InBev's profit in 2021.
Anadolu Efes confirmed it had started negotiations over the sale. It is not clear if AB InBev aims to keep a presence in Ukraine, but it has requested that the venture stop the production and sale of Bud brand beer in Russia.
AB InBev shares were trading down 2.7% at 1220 GMT, while Anadolu Efes was up 1.7%. The STOXX 600 European food and beverage index was 0.4% weaker at the time.
