Carlsberg recorded a hole of 5.47 billion euros (40.7 billion crowns) in 2023 due to the takeover of its Russian subsidiary Baltika by Moscow last July. Like many companies, the brewer quickly decided to withdraw from the country following the Russian invasion of Ukraine in February 2022.
In June 2023, it announced that it had found a buyer to take over its subsidiary just before the Kremlin suddenly got its hands on it under a decree signed by Vladimir Putin in person.