By Daniel Hunter
Carlsberg has reported a drop in profits as a result of the falling price of the Russian rouble.
The Danish brewer said profits were down 4.8% to 2.1bn kroner (£222m; $353m) in the three months to the end of September.
The Russian rouble has lost a huge amount of its wealth this year after economic sanctions imposed on the country by the US and EU.
Currency effects led to a 15% drop in revenues. The sanctions are particularly bad news for Carlsberg as roughly a quarter of its sales come from Russia.
"The man on the street (in Russia) isn't very optimistic about the future, and we don't expect the climate to ease in the near term or in the early part of 2015," said Carlsberg chief executive Jorgen Buhl Rasmussen.
But the brewer still plans to increase investment in the country where it holds a nearly 40% market share.
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