Dairy products company Danone has announced its withdrawal from the Russian market. The write-offs will amount to up to 1 billion euros, Danone’s press service reported. In Russia, the company is represented by the brands Prostokvashino, Activia, Actimel, Rastishka, Danissimo, Danone, Bio Balance, Aktual, Smeshariki, Alpro, Bebelac, Tema, Nutrilon, Malyutka, and Evian.

“Danone announces its decision to initiate the process of transferring control of the Essential Dairy and Plant-based business in Russia. Danone believes this is the best option to ensure the long-term continuity of the local business for its employees, consumers and partners,” Danone said in a statement on its official website.

The company did not specify who might receive its assets, but indicated that “upon closing of the transaction, subject to regulatory approval, there will be a deconsolidation of the Danone EDP business in Russia.”

For the first 9 months of 2022, the EDP Russia business accounted for about 5% of Danone’s net sales. A deal to exit this business could result in write-downs of up to €1 billion, the company said in a statement.