Danish brewer Carlsberg said it has signed an agreement to sell its Russian business, but did not disclose the name of the buyer or the value of the deal, which is subject to close scrutiny by Moscow regulators, Reuters and Agerpres reported.

Carlsberg, the Western brewer most exposed to Russian influence, warned last year that it expected to write down about 9.9 billion Danish kroner ($1.45 billion) in assets from the sale of the business following Russia’s invasion of Ukraine.

The company assured that the deal will not affect Carlsberg’s 2023 earnings forecast.

“The signing of the agreement on the sale of the Russian business is an important event in the complex process of separation and sale,” said CEO of Carlsberg Sees ‘t Hart. He added: “Although it was a big process, it was important for us.” find the best possible solution for all parties involved, including over 8,000 employees in Russia.”

In March, Carlsberg said it would announce the sale of the Russian business by July and was considering buyback options for the business in the future.

A representative of Carlsberg refused to name the buyer, citing the ongoing investigation by Moscow regulators.

In 2021, Carlsberg generated 10% of its revenue in Russia before dropping the country from its CEE market in 2022.