Unilever, owner of brands including Dove soap and Hellmann’s mayonnaise, said Thursday that it has completed the sale of its Russian business to Arnest Group, a local manufacturer of perfume, cosmetics and household products, for an undisclosed amount. The British consumer goods company said the sale includes all of its business and four factories in Russia as well as its business in Belarus. “Over the past year, we have been carefully preparing the Unilever Russia business for a potential sale. The Kremlin demands a discount of at least 50% on exit deals involving firms from what it calls “unfriendly” countries — those that have imposed sanctions against Russia. The exodus of firms from Russia has cost foreign companies more than $107 billion in writedowns and lost revenues, according to a Reuters analysis in March.

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Persons: Hein Schumacher, Unilever’s, ” Schumacher Organizations: Unilever, Arnest Group, “, Unilever Russia, Kremlin, Russia, Arnest, Danone Locations: Russia, Belarus, Ukraine, writedowns