Heineken Sells Its Russian Operations For 1 Euro, Taking $300 Million Euro Hit

THE HAGUE, Netherlands (AP) — Dutch brewer Heineken says it has completed its withdrawal from Russia, 18 months after Moscow launched its full-scale invasion of Ukraine.

The company announced Friday the sale of its business in Russia for just 1 euro.

Heineken says it will incur a total loss of 300 million euros ($325 million) for the sale to Russian manufacturing giant the Arnest Group.

Heineken had faced criticism for the slow pace of its exit in the wake of the outbreak of war, but insisted it was seeking to look after its local employees in Russia.