In a significant escalation of economic and geopolitical tensions, Russian President Vladimir Putin has signed a presidential decree appointing a trustee to oversee the Russian operations of Anadolu Efes—one of Türkiye’s largest alcoholic beverage producers.
The decision effectively transfers ownership of AB InBev Efes BV’s assets to a newly formed entity named “GK Vmeste.”
This move marks the first instance of Russian authorities seizing assets connected to a Turkish business since the start of the Ukraine conflict.
The decision underscores mounting diplomatic strains, potentially tied to Türkiye’s evolving role in regional geopolitics.
Professor Dr. Salih Yilmaz, an expert from Ankara Yildirim Beyazit University and head of the Russian Studies Institute, highlighted the political undertones of the decision: “Anadolu Efes was one of the most profitable Turkish companies in Russia. This move cannot be separated from Ukraine’s recent diplomatic engagements with Syria.”
Anadolu Efes’ role in Russian market
Anadolu Efes, a joint venture established in 2018 with Belgian multinational AB InBev, has been a dominant player in the Russian beer market. The company operates 11 breweries and three malt production facilities across Russia, contributing to 60% of its total sales revenue.
In the first nine months of 2024, Anadolu Efes recorded a revenue of approximately ₺70 billion ($1.97 billion), with Russia serving as its largest market. The company also operates fully owned facilities in Moldova, Georgia and Kazakhstan, with regional significance.
Efforts to streamline ownership had been underway before the Russian decision. Anadolu Efes had been negotiating to acquire AB InBev’s shares in Russia while simultaneously divesting its shares in Ukraine to the Belgian partner.
However, the proposal was rejected by a government commission earlier in the year, leading to uncertainties surrounding the company’s future in Russia.
Background and reaction
Following the announcement, Anadolu Efes stocks suffered sharp losses on Borsa Istanbul. Shares of Anadolu Efes closed down 9.98% at ₺212.80 ($6.02), while its parent company, Anadolu Holding, dropped 9.95% to ₺341.75.
In response, Anadolu Efes released a statement to Türkiye’s Public Disclosure Platform (KAP), emphasizing that temporary management had been imposed on Dec. 30. The company assured stakeholders that it is evaluating the situation and will take all necessary measures to safeguard its interests.
Putin’s decision triggered panic among several prominent Turkish companies with investments in Russia. One of them, Sisecam, saw a sharp 3% decline in the exchange market, prompting the company to issue a statement addressing the situation.
Sisecam stated in an announcement via the Turkish Public Disclosure Platform, “Our company retains full management and control over all its subsidiaries in Russia within its own structure and is classified as one of the companies from friendly countries.”
The statement emphasized that Sisecam continues to manage its production and sales operations in Russia seamlessly and without interruption, operating across four key business lines with eight facilities.
A year ago, Putin ordered the transfer of rights to manage Pulkovo, Russia’s second-busiest airport, from foreign shareholders, including Germany’s Fraport AG and a Qatari wealth fund.
The airport’s shares were returned to its owner when Fraport agreed to sell its stake to a firm from Oman. Efes could also employ such a tactic.
The country has previously implemented what it refers to as ‘the temporary management plan,’ even in cases where assets were co-owned by investors from Western nations and regions regarded by Russia as friendly.
Broader geopolitical implications
Some analysts suggested that the move against Anadolu Efes cannot be viewed in isolation from broader geopolitical developments, and Dr. Salih Yılmaz is one of them. The head of the Russian Studies Center in Ankara, in talks to Türkiye Today, Yilmaz commented on the failed negotiations: “Russia sees itself as the dominant power in bilateral relations. If it doesn’t get what it wants, it ensures a heavy price is paid elsewhere.”
He believed that the recent high-level visits by Ukrainian officials to Syria may have triggered Russian concerns about shifting alliances and Türkiye’s growing influence in the region.
Senior lecturer remarked: “Russia, seeing Türkiye’s influence through HTS in Syria, is attempting to send a signal that it expects concessions. If this is linked to Ukraine’s visit to Syria, it could backfire on Moscow.”
On Monday, Syria’s foreign ministry welcomed Ukraine’s delegation, issuing a statement that drew parallels between the suffering of Syrian and Ukrainian people. The statement read: “We have lived through the same experiences and pains as the Ukrainian people, and we are pleased to welcome their official delegation.”
The public declaration has been interpreted as a signal to Moscow regarding Syria’s evolving diplomatic strategies.
Russia’s strategic interests
The Kremlin’s long-standing military presence in Syria remains a critical factor in this dynamic. Moscow has reportedly begun relocating some equipment from its Syrian bases to Libya, raising questions about its long-term commitment to Syrian territories.
Prof. Dr. Salih Yılmaz emphasized: “Russia has secured time until March 2025 to move its equipment from Syrian bases. However, whether the bases will be completely evacuated remains uncertain.”
Western powers, including the EU, have signaled reluctance to recognize a new Syrian government if Russian military bases remain operational. Such positions place additional pressure on Moscow to reassess its strategies in Syria and the wider region.
Türkiye’s calculated response
Türkiye, which maintains complex ties with Russia, is likely to take action. Observers point to potential adjustments in Türkiye’s energy relations, particularly regarding natural gas imports from Russia.
Additionally, Türkiye’s influence over opposition groups in Syria has fueled Russian suspicions. However, Ankara maintains that Syrian government decisions are increasingly independent and not solely shaped by external actors.
Professor Dr. Salih Yilmaz noted: “Türkiye’s role in Syria should not be overstated. Decisions by the Syrian government are increasingly autonomous, and Russia must consider Western influence as well.”
Some experts believe that following the seizure, few—if any—Turkish companies will remain in the Russian market, aside from a few semi-state-backed construction projects carried out by Turkish firms.
Future outlook
The seizure of Anadolu Efes’s assets sets a precedent that may deter future Turkish investments in Russia. Companies already operating in Russia could explore exit strategies, reflecting broader concerns about the stability of business ties.
The developments also highlight Russia’s readiness to leverage economic tools as diplomatic pressure points. Türkiye’s ongoing balancing act between its NATO commitments and relations with Russia will likely face additional tests as both countries navigate shifting regional dynamics.
For now, Anadolu Efes and its stakeholders remain focused on managing immediate challenges while awaiting further developments in this rapidly evolving situation.
