March 23, 2023

Silicon Business

Business 500

Heineken ceases business in Russia, joining droves of companies


Beer company Heineken declared it would depart Russia on Monday, above a month given that the nation’s invasion into Ukraine started.

The Dutch brewing corporation is “stunned and deeply saddened” by Moscow’s ongoing steps, according to a organization assertion.

Continuing to do company in Russia “is no extended sustainable nor practical in the present environment,” it claimed.


The decision to leave was a strategic a single, and Heineken explained functions will keep on to be decreased as possession is transitioned, according to a report.

“We intention for an orderly transfer of our company to a new proprietor in entire compliance with global and community guidelines,” the statement examine.

“To assure the ongoing protection and [well-being] of our personnel and to [minimize] the risk of [nationalization], we concluded that it is critical that we carry on with the not too long ago lowered functions through this transition interval.”

The firm will not see any profit as it transitions possession out of Russia, but the cost of the exit will be about 400 million euros, or approximately $439.3 million.

“We will not income from any transfer of possession and we be expecting an impairment and other non-hard cash remarkable fees of approximately €0.4 billion in whole,” the company claimed.

At the completion of the transition, Heineken will “no more time have a presence in Russia,” according to the firm.

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“We go on to hope that a route to a peaceful final result emerges in the in the vicinity of term,” Heineken said.


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