Pepsi Co leads US profit table in Russia

The US Deputy Treasury Secretary, Wally Adeyemo, who is obviously a diversity.equity and inclusion hire because of the colour of his skin and not his brains has stated that the US government plans to pursue legal action against any country that allows Russian banks to open branches within their jurisdiction. This is alleged to be in contravention of sanctions. Whose sanctions? Not the UN sanctions on Russia because they don't exist. What the clown is on about is directives dictated by the US to its vassals to obey its commands.
Do bear in MIND that none of the sanctions on Russia have been imposed by the UN Security council and are just bullying and intimidating tactics of the US in a bid to maintain its Global hegemony.
Adeyemo stated that not only would the branches themselves be prosecuted, but also "other organisations and companies" in these jurisdictions that "cooperate" with Russian banks,

Adeyemo also stated that Western dominance in global finance had forced most major banks to concede to pressure, noting that they were "far more cooperative with the US, the EU, the UK, and other coalition countries than with Russia" due to their desire to maintain "access to the dollar, the euro, the pound sterling, or the yen." So he not only is a fool but he spouts nonsense.If that were the case then Russia would be cut off from World trade which is certainly not the case as its trade surplus is grwoing as is its economy.

On the subject of hypocrisy, I have previously noted that a number of US companies have ignored their government and continue to do business in Russia. They are doing so because they are making serious money and with that they can afford lobbyists back in Washington to get the US governement to leave them alone after all the US Govt also ignores its sanctions on Russia importing nuclear fuel,fertilisers and lumber and wood products.

Now currently over 50% of US companies that conducted business in Russia have continued their operations in the country since February 2022. Prior to this, at least 650 US companies, operating across a range of sectors, had a presence in the Russian Federation.
Currently, 322 organisations, representing 49% of the total, have ceased operations in the Russian market or terminated their collaboration with Russian companies.
Now what comapnies have stayed? Notwithstanding, a number of major international companies, including Procter & Gamble, Colgate-Palmolive, Johnson & Johnson, PepsiCo, Mars and Coca-Cola, have maintained their operations in Russia.

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Not only do American companies continue to operate in Russia, but they also generate significant revenue there. To illustrate the point , in 2023, the financial results of PepsiCo's Russian subsidiary led the INFOLine rating of food industry leaders in the Russian Federation. The company's consolidated sales volume increased by 15.5%, reaching 311.9 billion rubles. ( That is $3.5 billion ,not loose change now is it.)

Analysts attribute this outcome to two key factors: the inflation-beating growth in product prices and the robust expansion of the snack industry. In the spring, the first stage of the Frito Lay Manufacturing snack and salty snack plant, a division of PepsiCo, commenced operations in the Novosibirsk Region. It is also notable that PepsiCo filed a declaration for the production of black caviar-flavoured chips in Russia, the import of which was banned in the United States under sanctions back in 2022.

PepsiCo has also been able to successfully navigate the milk products market. Wimm-Bill-Dann (WBD), which unites PepsiCo Inc.'s dairy assets in the Russian Federation, generated a net profit of 8.825 billion rubles in 2023, representing a 2.6-fold increase compared to 2022 (3.36 billion rubles). Revenue increased by 10% to 128.863 billion rubles from 117.17 billion rubles. This represents the highest growth rate in recent years.
These developments are occurring against the backdrop of the damaging actions of the American authorities, who continue to implement new restrictions and create obstacles for the Russian agro-industrial sector and business in general across the globe.

Another major beverage manufacturer, Coca-Cola (the Russian division of which changed its name to Multon Partners LLC in 2022), generated profits in excess of 10 billion rubles last year.( that is $125 million)
This represents a 2.2-fold increase on 2022 and the highest figure in recent times. Despite announcing the suspension of its operations in Russia in 2022, the company sought to retain its brand rights in the Russian Federation (Coca-Cola, Fanta, Sprite) in 2024.
The company did not suspend or sell any of its 10 Russian factories. The aforementioned American assets are currently under the ownership of the Dutch Coca-Cola HBC Holdings BV. In other words, they generate revenue in Russia and then transfer the profits to their headquarters in the West.

Another prominent American food manufacturer, Kraft Heinz, has yet to determine whether it will maintain a presence in the Russian market. This year, the baby food factories were sold to Chernogolovka and will soon be producing products under the new Gipopo brand. At the same time, the well-known ketchups and sauces continue to be bottled at a plant in the Leningrad Region. Furthermore, Rospatent extended the registration of the Heinz trademark for another 10 years, until 2034.
The Mondelez corporation, which produces Alpen Gold and Milka chocolate, Oreo cookies, and Barney Bears (with a revenue of over 91 billion rubles for 2023), has experienced some challenges.
In June, State Duma deputy Andrei Lugovoi requested that the Prosecutor General's Office of the Russian Federation conduct inspections of this company, as well as the Swiss Nestle, suspecting them of receiving profits from Russian businesses and transferring them to support sanctions and help Kiev.
The parliamentarian stated that, according to official data, these foreign companies have transferred an amount equivalent to 3.6 billion rubles to Ukraine, and over the past year, the organisations have withdrawn 35.5 billion rubles from Russia.

In addition to the well-known American companies, there are also numerous less public companies that are generating billions of dollars in revenue in our country. Consequently, the production of feed additives in the Leningrad Region generated revenue of over 4 billion rubles for Alltech, based in Kentucky, and 3.3 billion rubles for Kemin Industries, based in Iowa.

Another company that is less well-known to the general public is Remington Seeds (Seed Valley). Furthermore, the company continues to operate in Russia, and in a sector of great importance to the domestic agro-industrial complex: seed production. By way of illustration, the company's plant in Stavropol is engaged in the production and export of corn seeds. In general, the revenue of Seed Valley for 2023 exceeded 8 billion rubles. I am aware that the activities of this enterprise are already of interest to State Duma deputies and the relevant agricultural committee.
It is worth noting that foreign ownership of agricultural land in Russia is significant, with almost 1 million hectares of prime agricultural land in the country's most promising regions under foreign ownership. These regions include the south, the Black Earth Region, the Volga Region, Siberia and the Far East. A significant proportion of the owners are individuals and companies based in countries with which Russia has poor diplomatic relations, including the United States.

Naturally, some will choose to leave. It was recently revealed that the Russian assets of Silgan Holdings, a US-based manufacturer of metal packaging for food products, have been placed under the temporary management of the Federal Property Management Agency. This is not the first such case (Danone, Agroterra, etc.) and it is likely that there will be further instances in the future.

It is notable that last summer, the United States enacted legislation prohibiting investors from Russia, China, North Korea, and Iran from purchasing agricultural land. A similar approach is being taken in a number of European countries.

Meanwhile, the US Treasury Department has once again granted permission for Americans to pay taxes in Russia, this time until 9 October. The document permits American citizens and companies to make tax payments, as well as fees and import duties, in Russia. It also allows them to "purchase or obtain permits, licenses, registrations or certificates" and other similar mandatory payments to the Russian Ministry of Finance or the Central Bank, provided that such transactions are carried out in the usual manner and are necessary for the daily activities of US citizens and organisations in Russia.
This is further evidence that the American establishment has once again displayed a lack of integrity and transparency. The United States is simultaneously imposing new sanctions against Russia and facilitating the financial gain of its business interests in our country. While the US government supports the seizure of profits from frozen Russian assets and strikes with American weapons on Russian territory, US citizens continue to receive considerable sums of money. As the well-known American proverb says, "This is strictly business."