French food giant plans to sell Russian business.

French dairy giant Danone is reportedly planning to sell its Russian business to Vamin Tatarstan, a Russian dairy company owned by Chechen businessman Mintimer Mingazov. The deal, which will see Vamin Tatarstan pay RUB 17.7 billion ($191.5 million), could still be blocked by the Russian Ministry of Agriculture or fail to materialize as the situation is uncertain. This comes after the Kremlin took control of Danone's subsidiaries in Russia in response to Western sanctions in 2023. Danone has agreed to provide support to Vamin Tatarstan until the end of July 2025 to ensure the continuity of its former Russian business, as Life & Nutrition, the Danone subsidiary, continues to localize the production of certain ingredients to maintain product quality for Russian consumers.

February 21, 2024
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