Last month, Pernod Ricard had said it was suspending exports
entirely of its premium vodka Absolut to Russia, having
previously reduced sales following Moscow's invasion of Ukraine.
It said at the time it was still supplying a limited supply
of other brands in Russia.
Like many Western consumer goods companies, Pernod Ricard
cut back heavily on products it sells in Russia last year,
having previously derived around 3% of its sales there.
(Reporting by Dominique Vidalon;
Editing by Benoit Van Overstraeten)
(Corrects May 12 story to remove references to 'premium' and
'local brands' in paragraphs 1, 2)
PARIS, May 12 (Reuters) - French spirits group Pernod
Ricard said on Friday it stopped exports of all its
international brands to Russia at the end of April and also
plans to end the distribution of its portfolio of brands to
Russia.
Ending the distribution of the portfolio, which includes
brands such as Armenian brandy Ararat, is a process that Pernod
Ricard expects to take "some months" to complete, the group said
in a statement on its website.
A spokesperson for Pernod Ricard said the company, which
owns international brands such as Martell cognac and Beefeater
gin, would keep a "limited team" in Russia in order to
eventually resume business in the future.
Downsizing local operations would mean the loss of
around 300 jobs in Russia, she said.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.