Dutch brewing giant Heineken says it is pulling out of Russia amid Moscow's ongoing war against Ukraine.
The company said Monday that its business in Russia “is no longer sustainable nor viable in the current environment. As a result, we have decided to leave Russia.”
It said it is seeking an “orderly transfer of our business to a new owner in full compliance with international and local laws.”
Heineken will continue to pay its 1,800 staff in Russia through the end of the year. The company says it will not profit from the sale of its Russian operations and expects to take a 400 million euro ($438 million) charge as a result.
Amid international outrage and sanctions that followed Moscow's invasion of Ukraine, the Netherlands-based brewer halted new investments and sales to Russia and ended production, sales, and advertising of its Heineken brand beer there.
The company said Monday that it continues to “hope that a path to a peaceful outcome emerges in the near term.”
