Shares of Coca-Cola HBC plunged 14.1% to €50.50 on the Athens stock exchange after a Russian businessman asked President Vladimir Putin to place the beverage bottler's Russian subsidiaries under temporary state-appointed management, raising fears of another Kremlin intervention in foreign-owned businesses.
Vadim Smagin, a major shareholder in Russian beer and soft-drinks producer Bochkari, has requested that his company assume management of Multon and Multon Partners, two Russian businesses belonging to Coca-Cola HBC.
The request has drawn attention because Smagin previously acquired the Russian operations of Polish packaging manufacturer Canpack following a similar intervention.
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Coca-Cola HBC said it hadn't received any notification from Russian authorities concerning changes to its operations. The company added that its Russian business has operated independently at the local level since 2022 and that the group doesn't depend on Russian revenue or capital to finance operations elsewhere or service its debt. Smagin's earlier acquisition illustrates the risks facing Western companies that retain assets in Russia.
In December 2025, Putin signed a decree placing Canpack's Russian facilities under temporary external management. The Polish company subsequently lost effective operational control, despite retaining formal ownership. The measure was lifted in August 2026. Weeks later, on Sept. 10, Smagin acquired Canpack's two Russian businesses for $122 million. The proposed intervention involving Coca-Cola HBC follows a different sequence.
Rather than acquiring assets after government intervention, Smagin is asking the Kremlin to impose external management and appoint Bochkari to run the businesses. Bochkari argues that Coca-Cola HBC's suspension of investment has harmed Russia's economy and government revenues.
Coca-Cola HBC acquired Multon for $501 million in 2005. Following Russia's invasion of Ukraine in 2022, the company stopped producing Coca-Cola-branded beverages locally but continued operating under Russian brands including Dobry and Rich.
Financial ties remain between the subsidiaries and the wider group. At the end of June 2026, Coca-Cola HBC Finance B.V. reported €106.5 million in intragroup financial liabilities to Multon and Multon Partners, alongside €8.49 million in interest expenses.
Those figures indicate continuing financial relationships, although the company maintains that its broader operations aren't dependent on Russian funding. No final Kremlin decision has been announced.
