Dutch brewer Heineken sells its operations in Russia for just €1, taking €300 million hit

Dutch brewer Heineken has completely withdrawn operations in Russia, selling its business for just €1 (or 86p).

The sale, to Russian manufacturing giant the Arnest Group, means Heineken have incurred a total loss of €300 million (£257,000).

The brewer faced criticism for the slow pace of its exit after pledging to pull its business out of Russia after its military invaded Ukraine 18 months ago.

In March last year, Heineken had said it was quitting Russia as its business there was "no longer sustainable nor viable in the current environment," but added that it wanted to ensure an "orderly transfer" to a new owner.

"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," Heineken CEO Dolf van den Brink said in a statement.

The sale covers all of Heineken's assets in Russia, including seven breweries.

The company said that Arnest has guaranteed the employment of Heineken's 1,800 local staff for three years.

Heineken brand beer was removed from the Russian market last year, and one of its other major brands, Amstel, will be phased out within 6 months, the company said.

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