Dutch Heineken leaves the Russian market

Dutch beer producer Heineken announced its decision to leave the Russian Federation. The world’s second-largest brewer has supported anti-Russian sanctions imposed by many countries in solidarity with Ukraine, which is at war with Russian troops that have invaded its land. The company announced that it is currently transferring its Russian business to a local owner. Until the completion of the transfer, 7 of its breweries in the Russian Federation will continue to operate. That is, customer service will continue for the time being. According to a statement by Heineken, all its employees working in this country are guaranteed payment of wages through December of this year. The company estimates that the business transfer deal will not bring it profit, leading to costs of 400 million euros. The brewing concern suspends investments and production in this country and the implementation of the flagship brand. Its management announced the rejection of income from business in Russia.

Source: xCritical.com