Diageo to Shut Down Operations in Russia

By Michael Susin

Diageo PLC said Tuesday that it will wind down its business operations in the Russian market by the next six months, according to a spokesperson.

The London-listed maker of Johnnie Walker scotch whisky and Smirnoff vodka said its business in Russia accounted for less than 1% of its global sales and profits before the crisis, but that the impact of the Ukraine war has been significant and unsustainable.

The declaration comes after the company's decision to stop shipping and selling products in Russia in March, following the war in Ukraine.

Diageo said it will provide support to its employees with enhanced redundancy terms.

Shares at 0929 GMT were down 116.0 pence, or 3.2%, at 3,564.0 pence.

Write to Michael Susin at [e-mail]

(END) Dow Jones Newswires

06-29-22 0551ET