Carlsberg warns on profits over Russia hit
Carlsberg, the Danish brewer, became one of the first major European companies to warn over the impact of the Ukrainian crisis on Wednesday.
The beer company, which makes 35 percent of its operating profit in Russia, lowered its guidance for full-year operating profit, and now expects it to decline by low to mid-single digit percentage points compared to 2013. Previously it had expected growth of low single-digit percentage points.
The company warned of problems at its eastern European business too.
Since hostilities began between Russia and Ukraine earlier this year, there have been a range of official economic sanctions introduced by Western governments against Russia, and vice versa. There has also been anecdotal evidence of "soft sanctions" - companies unofficially tapering back their business and consumers encouraged to stick with patriotic brands.
- By CNBC's Catherine Boyle