Borjomi mineral water company suspends production after Ukraine war, sanctions create "difficulties"

  • IDS Borjomi is partly owned by Alfa Group, one of the largest privately owned financial investment conglomerates in Russia, with 60 percent of the mineral water company's shares owned by the conglomerate since 2013. The founder of Alfa Group is Russian businessman Mikhail Fridman, who has been listed by a number of countries among the sanctioned oligarchs since the start of hostilities in Ukraine.

Agenda.ge, 29 Apr 2022 - 14:17, Tbilisi,Georgia

IDS Borjomi, one of the largest mineral water producers in Georgia, has temporarily suspended production at both of its plants in Georgia after the war in Ukraine and sanctions on Russian-owned businesses created "difficulties" for the producer to deal with its major markets, the company announced on Friday.

In its statement the company said the situation created on the main sale markets by the conflict was compounded by the limited access to bank accounts preventing the company from receiving foreign exchange earnings and settling with creditors.

IDS Borjomi is partly owned by Alfa Group, one of the largest privately owned financial investment conglomerates in Russia, with 60 percent of the mineral water company's shares owned by the conglomerate since 2013.

The founder of Alfa Group is Russian businessman Mikhail Fridman, who has been listed by a number of countries among the sanctioned oligarchs since the start of hostilities in Ukraine.

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