Carlsberg Surrenders Control of Baltika Brewing
The Danish brewer transferred its Russian beer maker to a newly created company after years of state intervention and legal disputes
2026-05-27
Carlsberg has transferred control of Baltika Brewing Company to a Russian company, according to changes recorded in Russia’s Unified State Register of Legal Entities and reported by AK&M on Wednesday. The move marks another step in the long-running restructuring of one of Russia’s largest beer producers after years of legal disputes, state intervention and sanctions-related pressure.
The register shows that Carlsberg Sverige Aktiebolag of Sweden and Carlsberg Deutschland GmbH of Germany, both part of the Danish Carlsberg group, withdrew as founders of Baltika Brewing Company LLC. The company was transferred to JSC VG Invest, a newly created Russian entity whose ownership has not been disclosed in the public registry. Reuters reported that Carlsberg sold its Russian assets for 34 billion rubles, or about $375 million at current exchange rates, as part of a broader deal that also includes the transfer of Baltika’s stakes in Carlsberg businesses in Azerbaijan and Kazakhstan back to the Danish group.
Under the agreement described by Carlsberg, the transaction is expected to settle a series of lawsuits and intellectual property disputes tied to Baltika’s brands. The Danish company said the sale would be completed through a management buyout. It also said the new owner is owned equally by two longtime Baltika employees who hold senior positions at the brewer and are expected to take over as chief executive and deputy chief executive.
The ownership change comes after nearly three years of upheaval at Baltika. In March 2022, Carlsberg said it would exit Russia. In July 2023, President Vladimir Putin signed a decree placing Carlsberg’s Russian assets under temporary state management through Rosimushchestvo, the Federal Agency for State Property Management. Taimuraz Bolloev was appointed president of Baltika on July 17, 2023, under an order from Rosimushchestvo. Before that, Denis Sherstennikov had led the company since 2021.
The company’s leadership was further shaken in November 2023, when Sherstennikov and Vice President Anton Rogachevsky were arrested on fraud charges. Investigators said foreign structures linked to Carlsberg had received rights to lease Russian brands for 40 years with help from the suspects. In March 2024, an agreement was signed with Sherstennikov’s participation confirming that rights to the Baltika brand outside Russia would return to Baltika from April 1, 2024. Later that year, the Vyborg District Court in St. Petersburg dismissed the criminal case.
Baltika remains one of Russia’s biggest beer makers. Its portfolio includes 40 national and regional beer brands and the Flash Up energy drink. The company operates breweries in eight Russian cities: Voronezh, Novosibirsk, Rostov-on-Don, Samara, St. Petersburg, Tula, Khabarovsk and Yaroslavl.
Financially, Baltika reported revenue of 109.27 billion rubles in 2023, up from 100.7 billion rubles a year earlier. Net loss widened to more than 28 billion rubles from a profit of 9.95 billion rubles in 2022.
