Bochkari, an Altai Territory beverage producer owned by Vadim Smagin, a United Russia deputy in the regional parliament, asked Vladimir Putin to place Coca-Cola’s Russian business – Multon and Multon Partners, which produce the soft drinks Dobry, Rich, and Moya Semya – under its temporary management. The consolidated value of this business is estimated at 245 billion rubles ($3 billion). As The Insider found, as of July 2026, the accounts of the Russian subsidiaries of the international Coca-Cola HBC group, including Multon, held more than €1 billion.
According to the business outlet Kommersant, the appeal was sent to Putin in mid-October and was forwarded to the government for consideration. One of the publication’s sources claims that the proposal received partial support from the competent deputy prime ministers. Bochkari proposed appointing itself as temporary manager of the two companies, which until 2022 bottled Coca-Cola and other international brands in Russia. The authorities have not yet reported any decision regarding the matter.
The authors of the appeal claim that the foreign owner’s suspension of investment negatively affects the Russian economy and tax revenues. In addition, they cite the global parent company’s support for Ukraine and its sponsorship of sports competitions in which Russian athletes are not allowed to participate. If it receives management, Bochkari promises to invest, among other things, in Russian-occupied territories of Ukraine and to fund charity programs.
More than €1 billion in Russian accounts
As The Insider discovered, the foreign owner’s financial documents show that the group’s Russian business continues to accumulate significant cash. According to Coca-Cola HBC’s report, as of July 3, 2026, the group’s Russian subsidiaries, including Multon, held €1.04 billion in cash and cash equivalents – a growth of €190.3 million, or 22.4%, from €850.2 million at the end of 2025.In the same document, Coca-Cola HBC notes that sanctions and other restrictions make it difficult to repatriate profits from Russia.
It should be noted that the €1.04 billion is the combined funds of the group’s Russian subsidiaries, not exclusively of the two companies that Bochkari wants to manage.
Coca-Cola HBC’s latest reporting does not indicate that the Russian business has ceased operations. On Nov. 4, the company stated that in the third quarter, beverage sales volume in Russia grew by a high single-digit percentage year-on-year, generally describing its Russian business as financially self-sufficient.
According to Coca-Cola HBC’s annual report, the group’s revenue in Russia in 2025 amounted to €1.61 billion – an increase of almost 19%, from €1.36 billion a year earlier. By comparison, Bochkari’s revenue for the same year was 8.64 billion rubles ($106 million). By The Insider’s estimates, the international group’s Russian subsidiaries received roughly 18 times as much revenue as the company claiming management of its assets. However, these are figures for different groups of legal entities.
The lawmaker has already bought a foreign company’s assets after Putin’s intervention
Businessman Vadim Smagin, who owns 97.9% of Bochkari, is also a sitting deputy of the Altai Territory Legislative Assembly from United Russia. According to his official biography, he has worked in the regional parliament since 2011 and in the previous convocation served as deputy chair of the committee on agrarian policy. In September 2026, Smagin again won a seat and joined the United Russia faction in the new parliament.
In September 2026, Smagin acquired the Russian plants of the international company Canpack, which produces aluminum beverage cans. On Dec. 31, 2025, Putin had placed Canpack’s Russian enterprises under the temporary management of another company, Stalelement. In August 2026, the temporary management was lifted, and on Sept. 10, Canpack completed the sale of its Russian assets.
According to Canpack’s official statement, the company received $122 million for its stakes in the former Russian enterprises. It had earlier recognized damages of $354.7 million from the loss of control over them, stressing that this was significantly below its estimate of the assets’ fair market value at the time. As RBC reported, the buyer, Vadim Smagin, did not step in until after the temporary management had been lifted. The introduction of temporary management does not in itself mean a transfer of ownership to the state or to a company it appoints. However, the Canpack example shows that such a decision may be followed by foreign owners choosing to get rid of their Russian assets.
Analysts estimate Multon’s value at no less than 245 billion rubles ($3 billion). Of that, 150 billion rubles ($1.84 billion) is the business itself and 95 billion rubles ($1.16 billion) is cash.
Russian Coca-Cola continued to earn after 2022
After the start of Russia’s full-scale invasion of Ukraine, Coca-Cola stopped producing its international brands in Russia, but its production facilities continued to operate under local brands; in particular, Dobry Cola went on sale to replace Coca-Cola.
In April 2024, The Insider wrote that Coca-Cola’s Russian subsidiary, Multon Partners, had quadrupled its net profit for 2023, to 10.25 billion rubles ($125.5 million), with revenue reaching 77.3 billion rubles ($946.5 million).
