Georgian water company Borjomi, 60% owned by Russia’s Alfa Group, said two of its factories would be closed due to the sanctions. About it with link Georgian Public Broadcaster reports “Economic Truth” portal .
“The difficult situation in key markets for the company’s products has been exacerbated by limited access to bank accounts, which has closed the company’s ability to receive foreign currency earnings and pay its creditors,” the company said. company in a press release. “The company continues to work to this day in hopes of significantly improving the situation, which unfortunately is not yet possible.”
In view of this, the company is forced to stop the production process at the two Borjomi bottling plants from April 29. The company hopes that the situation will improve in the near future and that work can resume.
Russian Alfa Group has held a 60% majority stake in IDS Borjomi since 2013. Alpha Group founders Mikhail Fridman, Petr Aven and German Khan fell under British and EU sanctions.