Heineken completes sale of Russian business for €1 after year-long exit process

Heineken has finalized the sale of its Russian operations to Arnest Group for €1, taking a €300 million loss.
Heineken began the process of exiting Russia in March 2022 following the invasion of Ukraine and ensuing sanctions.
The sale includes all of Heineken's Russian assets such as 7 breweries and provides 3 years of employment guarantees for its 1,800 local staff.
Heineken faced criticism over the slow pace of withdrawal but cited challenges selling assets under new Russian regulations.
Major brands like Heineken beer and Amstel will be phased out of the Russian market over the next 6 months.