Dutch brewer Heineken has announced its decision to pull out of Russia amid the ongoing war against Ukraine.
In a statement, the company said that its business in Russia is “no longer sustainable nor viable in the current environment”, hence its decision to leave Russia.
Heineken revealed, as a result of its departure, it will not profit from the sale of its Russian operations and expects to take a €400 million (£334 million) loss.
As a result it is seeking an “orderly transfer of our business to a new owner in full compliance with international and local laws” However, the company will continue its 1,800 employees in Russia through the end of the year.
The statement concluded: “Upon completion of the transfer Heineken will no longer have a presence in Russia. We continue to hope that a path to a peaceful outcome emerges in the near term.”
The news comes as, earlier this month, Heineken announced that it will cease all production, advertising, and sale of the brand in Russia.