Heineken Exits Russian Market, Sells Business for ₹90

Moscow: Dutch brewer Heineken has completed its exit from the Russian market, 18 months after Russia invaded Ukraine. The company sold its Russian business to the Arnest Group for a nominal fee of 1 euro (≈ ₹90).

Heineken had faced criticism for the perceived slowness of its withdrawal from Russia. However, the company said it was committed to ensuring a smooth transition to a new owner and to the welfare of its local workforce.

The sale encompasses all of Heineken’s assets in Russia, including seven breweries. The Arnest Group has guaranteed the job security of Heineken’s 1,800 local employees for a duration of three years.

Heineken said the sale would result in a loss of 300 million euros ($325 million). However, the company said it was the right decision given the circumstances in Russia.