Carlsberg has warned that its operating profit this year is set to decline compared with 2013.
It blamed that on deteriorating conditions in Russia, where it generates more than a third of its profits.
That large exposure makes the Danish brewer a test case for how European companies are coping with the deepening tensions between Russia and the West.
Analysts have said Carlsberg is not directly hurt by Western sanctions on Russia and Moscow’s ban on European food, but will be hit by the impact that has had on Russia’s economy, which is likely to slip into recession this year.
Carlsberg now sees beer sales in Russia falling by high single-digit percentage points and indicated that it may have to shut down breweries in the East European region.
The weaker rouble will also be a factor for the company’s profits and it faces uncertainty from excise duties which the Russian government may freeze for next year.