Moscow approves Unilever deal to offload Russian assets, RBC cites sources, 4 September 2024

Consumer goods giant Unilever has received Russian government approval to sell its assets in Russia, the RBC business daily reported...citing unnamed sources familiar with the matter.

Unilever and Russia's finance ministry declined to comment.

Unilever has faced criticism for remaining in Russia since Moscow sent troops into Ukraine in February 2022, though it has curtailed some spending and operations.

RBC reported that Unilever's assets in Russia were valued at around 35-40 billion roubles ($393-$449 million). In Unilever's first-half report, published in July, it said that as of June 30, the Russian business had net assets of around 600 million euros ($663 million), including four factories.

The Kommersant daily later reported that Arnest Group may purchase the assets...Arnest did not immediately respond to a request for comment...

CEO Hein Schumacher told reporters in July that the company had "substantially" localised its operations in Russia over the past year and said its main objective was to minimise economic contributions to the Russian state...