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.
READ MORE: Heineken to increase beer prices amid inflation
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.
Click here to sign up to Grocery Gazette’s free daily email newsletter