Firm Linked to Putin Ally Acquired Russia’s Largest Brewer After Carlsberg Exit
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Diverging Reports Breakdown
Firm Linked to Putin Ally Acquired Russia’s Largest Brewer After Carlsberg Exit – FBK
Gennady Timchenko, whose fortune Forbes estimates at more than $23 billion, controls Ena Invest. The Danish brewer Carlsberg, which owned Baltika until last year, had claimed its local subsidiary was purchased by two longtime employees in December 2024. Putin had in 2022 placed Baltika under temporary state control.
Gennady Timchenko, whose fortune Forbes estimates at more than $23 billion, controls Ena Invest, a company that FBK alleges routinely covers personal expenses for Putin’s family.
The Danish brewer Carlsberg, which owned Baltika until last year, had claimed its local subsidiary was purchased by two longtime employees in December 2024.
Putin had in 2022 placed Baltika under temporary state control after Carlsberg announced that it would leave Russia, where it employed 8,400 people, in the wake of the invasion of Ukraine.
The formal purchaser was VG Invest, which secured a 34-billion-ruble ($427 million, according to spot foreign exchange market data published by Reuters) loan from state-owned Rosselkhozbank to finance the acquisition.
Within 22 days, VG Invest repaid the loan with funds funneled through a series of transactions from Ena Invest, the investigation found. The brewery’s true value at the time was estimated at between 150 billion and 200 billion rubles.
FBK concluded that Timchenko did not buy Baltika for himself, noting that Putin has long been linked to the company. Putin helped secure foreign investors to keep Baltika from closing during his time in the St. Petersburg Mayor’s Office in the 1990s, earning him the moniker “godfather” of the brewer.
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