Unilever is set to sell its Russian assets to the Arnest chemical group owned by businessman Alexey Sagal, in a major U-turn for the FTSE 100 consumer goods giant.
The parties have submitted the deal for approval to the Russian government subcommittee on foreign investments, which has become a required step for western companies exiting Russia since its invasion of Ukraine.
The sale could bring Unilever up to $500mn, Russian media reported.
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