Heineken Announces Decision To Leave Russia

Amsterdam / NL. (hnv) Dutch Heineken N.V. earlier announced that the brewer stopped new investments and exports to Russia, ended the production, sale and advertising of the «Heineken» brand, and announced that the company will not accept any net financial benefits or profit from our business in Russia.

Following the previously announced strategic review of its operations, the company has concluded that Heineken’s ownership of the business in Russia is no longer sustainable nor viable in the current environment. As a result, Heineken has decided to leave Russia.

The brewer aims for an orderly transfer of its business to a new owner in full compliance with international and local laws. To ensure the ongoing safety and wellbeing of the company’s employees and to minimise the risk of nationalisation, Heineken concluded that it is essential that the company continues with the recently reduced operations during this transition period.

In all circumstances the company guarantees the salaries of its 1,800 employees will be paid to the end of 2022 and will do its utmost to safeguard their future employment.

The brewer will not profit from any transfer of ownership and Heineken expects an impairment and other non-cash exceptional charges of approximately EUR 0.4 billion in total.

Upon completion of the transfer Heineken will no longer have a presence in Russia.