Following loss of license Baskin-Robbins becomes BRandICE in Russia
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Russia's Baskin-Robbins will no longer be able to operate in Russia following sanctions, however, there will be a rebrand.
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In Russia, Baskin-Robbins becomes BRandICE (Getty images)
Russian ice cream manufacturer JSC BRPI, previously known as Baskin Robbins Production International Limited, will register a new trademark BRandICE as a result of the loss of authorization to do business in Russia, according to Russian newspaper Kommersant on Friday.
The Federal Service for Intellectual Property (Rospatent), according to the publication, received a fresh brand registration application from JSC BRPI in October and November. According to Kommersant, the loss of the Russian manufacturer's license to use the Baskin-Robbins name, which is owned by the US, may have motivated the registration of a new brand.
According to a Baskin-Robbins cafe manager in the Moscow area. the new brand will be introduced on December 1, with cafés being required to replace their signs.
The publication reported that since the Russian firm wouldn't have to pay royalties, the expenses of production under a new brand may be reduced. JSC BRPI would also need to alter the recipe, though.
Russia turns to Asia as West sanctions its financial market
Russia embracing the Chinese yuan has had an effect on several Chinese entrepreneurs, as Russian businesses might now negotiate contracts in yuan rather than the dollar or euro. This is, according to Chinese entrepreneur Wang Min, an exciting "win-win" situation for Chinese and Russian businesses.
The businessman said, "We hope that next year sales in Russia can account for 10-15% of our total sales."
According to Reuters, Wang intended to profit from Russia's speedily "yuanized" economy, as the sanctioned nation looks toward an Asian market for financial stability. He envisions a win-win situation where Chinese exporters lower their currency risks and Russian purchasers have easier access to payment.
To put it simply, the Russia's economic shift toward the east might increase international trade, provide a rising economic counterbalance to the dollar, and curtail Western attempts to exert economic pressure on Moscow.
Read more: Owner of IKEA stores sees profit fall post-Russia exit
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