The Dutch brewing firm Heineken has finally exited from Russia and has secured the sale of the company.
Heineken who also makes Amstel and Birra Moretti beers sold the company which includes seven breweries to the Russian firm Arnest Group for just €1 and they expect to make a loss of £256 million.
Hieneken admitted the sale “took much longer than we had hoped” and also said the business was “no longer sustainable no viable in the current environment.”
Dolf van den Brink, Heineken’s chief executive and chairman, said, “We have now completed our exit from Russia. Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia.
“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.”