Canpack Group has completed its exit from Russia following the sale of its remaining shareholdings in its former Russian operations to a third-party buyer for $122 million.

The sale was completed on 10 September after receiving the required governmental and regulatory approvals.

Canpack’s Russian operations were placed under external administration by decree of the President of the Russian Federation on 31 December 2025. As a result, the company lost financial, operational and management control of its Russian businesses, assets and personnel, although certain Canpack subsidiaries remained nominal shareholders.

Following the move, Canpack deconsolidated its former Russian operations, classified them as discontinued operations and recorded a US GAAP financial loss of $354.7 million. The company said the loss was far below its estimate of the operations’ fair market value at the time.

Canpack said the $122 million sale will partially reduce the previously recorded loss.

Following completion of the transaction, Canpack no longer has a presence in Russia, while its former Russian operations will no longer operate under the Canpack name or brand.