Coca-Cola HBC keeps Russian business after 2022 invasion of Ukraine

Coca-Cola HBC is a Swiss-based bottler, of Greek origin, that makes and sells Coca-Cola Company drinks in about two dozen countries, Russia among them. Its Russian arm was one of the group's larger markets.

After Russia's full-scale invasion of Ukraine in February 2022, many Western companies announced exits or pauses. In early March 2022, The Coca-Cola Company said it was suspending its business in Russia. HBC, as an independent bottler, followed with a suspension of Coca-Cola-branded activity there, but said its Russian operations would continue, including production of other beverages and local brands.

The decision meant HBC remained exposed to Russia while the Coca-Cola name left the market. Local products later filled the gap, including new domestic cola brands, and the company's Russian business stayed a recurring concern for investors, sanctions-minded regulators and critics who argued that staying meant continued support for the Russian economy. That unresolved position is the background to later worries over the future of HBC's Russian assets.