THE HAGUE: Dutch brewer Heineken on Monday (Mar 28) joined the foreign business exodus from Russia over the war in Ukraine, saying it was “deeply saddened” to see the conflict intensify.
The beer company, which employs 1,800 people in Russia, had already halted the sale and production of its Heineken brand in Russia, and suspended new investments and exports to the country earlier this month.
Hundreds of Western firms have closed shops and offices in Russia since the war started, a list that includes famous names such as Ikea, Coca-Cola, Goldman Sachs and McDonald’s.
“We are shocked and deeply saddened to watch the war in Ukraine continue to unfold and intensify,” Heineken said in a statement.
“Following the previously announced strategic review of our operations, we have concluded that Heineken’s ownership of the business in Russia is no longer sustainable nor viable in the current environment,” the statement said.
“As a result, we have decided to leave Russia.”
Heineken said it would aim for an “orderly transfer” of its business to a new owner in compliance with international and local laws and would not take any profit from the transaction, which will cost the company €400 million (US$438 million) in exceptional charges.
Heineken is the third-biggest brewer in Russia, where it makes the Zhigulevskoe and Oxota brands for the local market.
For all the latest world News Click Here
