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and exclusive rights to sell these drinks in Russia (and 28 other countries in Southern and Eastern Europe). Now the country is selling out the warehouse stocks accumulated until March 2022, but these stocks are running out, and after they are exhausted, there will be no new deliveries or production in Russia, American Coca-Cola said. For the first time, the American Coca-Cola announced the suspension of work on the Russian market in March 2022. Sources of Russian publications reported that it was only about stopping investment in new projects and marketing. Coca-Cola HBC said it had stopped placing orders for beverage concentrate. In early May, the head of the American company admitted with displeasure that Coca-Cola could completely leave the Russian market.
Nike to fully exit Russia. The brand confirmed in an emailed statement to Reuters on June 23 that it would leave the country completely after scaling down its operations. The U.S. sportswear brand earlier announced on March 3 that it would temporarily suspend operations over Russia's war in Ukraine.
The British alcohol company Diageo (which manufactures Smirnoff, Black Label, Johnnie Walker, Guinness, Baileys, Captain Morgan, and other brands) has announced its gradual but complete withdrawal from the Russian market over the next six months. Spokespeople for Diageo say its roughly 300 employees in Russia are being offered “extended compensation packages,” as the business shutters its operations in the country.
9.2.7 TMT corporate news
● Yandex
Yandex notified on June 9 that it had agreed terms for the purchase of convertible notes with the steering committee of an ad hoc group of noteholders. The indicative terms envisage a purchase price of $140,000 for each $200,000 of the principal amount of notes purchased. We do see the cash component as representing quite a hefty opportunity for creditors. One could argue that the international business exposure of Yandex (not only to creditors, but also due to having its partners in different geographies) could be one of the rationales for Yandex to be motivated to reach an agreement on terms which do not look overly discriminating for noteholders.
On top of that cash component, Yandex is ready to provide 957 Class A shares. The company specifically indicated that it would "use its commercially reasonable efforts to deliver the share consideration following the closing of the Purchase when it is permissible for the
155 RUSSIA Country Report October 2020 www.intellinews.com