Pernod Ricard stops exporting alcohol to Russia

MOSCOW. May 15 (Interfax) - Pernod Ricard has stopped exporting alcohol to Russia.

"Pernod Ricard can confirm that it has stopped all exports of its international brands to Russia at the end of April 2023," the company said in a statement.

The process will take some months to complete, it said.

Sweden's Absolut, part of the Pernod Ricard group, stopped exporting its products to Russia in April. Reports had said the company would be resuming some shipments to Russia but this did not go down well in Sweden and it was decided to halt shipments.

According to financial statements, Pernod Ricard's subsidiary, P.R. Rus saw its revenue fall to 19.2 billion rubles in 2022 from 27.5 billion rubles in 2021, and net profit to 2 billion rubles from 2.1 billion rubles.

The company's portfolio includes Chivas Regal, Jameson, Ballantine's, Absolut, Olmeca, Havana Club, Mumm, Perrier Jouet and others.