Heineken Completes , 1-Euro Sale , of Russian Operations .
On August 25, Heineken said the brewer's exit from Russia has finally been completed.
Reuters reports that the Dutch brewer sold its Russian operations to Arnest Group for a symbolic single euro.
Reuters reports that the Dutch brewer sold its Russian operations to Arnest Group for a symbolic single euro.
According to the world's second-largest brewer, the deal was expected to come with exceptional losses of $324.8 million.
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According to the world's second-largest brewer, the deal was expected to come with exceptional losses of $324.8 million.
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In March of 2022, Heineken announced its plans to exit Russia following the invasion of Ukraine.
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In March of 2022, Heineken announced its plans to exit Russia following the invasion of Ukraine.
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Reuters reports that the brewer has acknowledged that the process took longer than expected.
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Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia, Dolf van den Brink, Heineken CEO, via Reuters .
Due to unprecedented sanctions imposed on Russia by the West, numerous multinational companies have sought to leave Russia.
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Due to unprecedented sanctions imposed on Russia by the West, numerous multinational companies have sought to leave Russia.
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Fellow brewer Anheuser-Busch InBev is among the major companies to announce plans to abandon joint ventures in Russia.
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Fellow brewer Anheuser-Busch InBev is among the major companies to announce plans to abandon joint ventures in Russia.
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In July, Russian President Vladimir Putin signed a decree taking control of French yogurt maker Danone's Russian subsidiary.
In July, Russian President Vladimir Putin signed a decree taking control of French yogurt maker Danone's Russian subsidiary.
At the same time, the government took control of beer company Carlsberg's stake in a local Russian brewery.
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Reuters reports that Heineken operated seven breweries in Russia, employing some 1,800 people who received work guarantees for the next three years.
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Reuters reports that Heineken operated seven breweries in Russia, employing some 1,800 people who received work guarantees for the next three years.
