Fazer agreed to sell its Russian business to Kolomensky Bakery and Confectionery Holding, for an undisclosed amount, according to Interfax. The transaction meets all regulations and was green-lit by Russia’s Federal Anti-Monopoly Service.

“I am pleased that we have signed an agreement for the sale of our Russian business. Exiting Russia is a complex process, and now we are one step closer to achieving a complete and controlled exit,” Interfax quotes Fazer Group President and CEO Christoph Vitzthum from a statement.