Coca-Cola HBC shares drop amid Russian asset seizure fears

Shares of Coca-Cola HBC have faced significant downward pressure on the Athens Stock Exchange following a decree by Russian President Vladimir Putin to place the assets of several Western companies under state-appointed temporary management. While Coca-Cola HBC was not explicitly named in the new decree, investors are reacting to the heightened geopolitical risks facing multinationals with significant Russian operations.

Russia accounted for approximately 14% of Coca-Cola HBC’s total revenue in 2025. The company maintains substantial production activities in the country, with sales volumes reaching 413.7 million cases in 2025. Additionally, the company has approximately 1.04 billion euros in available funds accumulated within Russia, which are difficult to repatriate due to existing post-invasion restrictions.

The Russian decree specifically targeted the holdings of Nestlé, Auchan, and several other entities, placing them under temporary management. This move strips foreign shareholders of effective control and transfers management to state-selected entities. Analysts suggest this sets a precedent that could lead to further state interventions or forced asset transfers for other major corporations remaining in the Russian market.