Dutch drinks giant Heineken said that it has decided to quit Russia in protest of the country’s ongoing war against Ukraine.

Earlier this month, Heineken announced that it has ceased new investments and exports to Russia, stopped the production, sale and advertising of the Heineken brand. The drinks company also said that it will not accept any net financial benefits or profit from its business in Russia.

After concluding the previously announced strategic review of its operations, Heineken determined that the ownership of its business in Russia is not sustainable nor viable any longer in the prevailing environment.

The Dutch drinks giant said that it is aiming for an orderly transfer of its business in Russia to a new owner in 100% compliance with international and domestic laws. During this transition period, Heineken will continue with the recently curtailed operations in order to ensure the ongoing safety and wellbeing of its employees and to minimize the risk of nationalization of the business.

Heineken employs 1,800 people in Russia who will all be paid by the company to the end of this year.

The Dutch beer giant said that it will not profit from any transfer of ownership of its Russian business and expects around €400m in impairment and other non-cash exceptional charges.

  Heineken, Russia, Ukraine