Heineken exits Russia at a loss of €300mn

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Heineken has finally sold its Russian operations, at a loss of €300mn, after criticism of the time it took the Dutch brewing group to exit the country following Russia's full-scale invasion of Ukraine.

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25 Aug 2023

Heineken will sell the business, which has seven breweries and 1,800 employees, to Russian manufacturer Arnest Group for €1. The deal would result in an expected loss of €300mn, the company said on Friday.

Although many European companies announced plans to sell or close their Russian operations after the invasion, some have been slow to withdraw, citing the scale of operations or the need to protect staff still in the country.

The brewer has already pulled brands including Heineken, Miller and Guinness from Russian shelves, although Amstel has remained on sale in part to keep the local business afloat, and new products have been launched by local management.

“While it took much longer than we had hoped, this transaction secures the livelihoods of our employees and allows us to exit the country in a responsible manner,” Chief executive