Heineken sells its Russia operations for 1 Euro

Heineken has informed that it had completed its exit from Russia by selling its operations in Russia to Russia's Arnest Group for a symbolic one euro. The deal is expected to have a loss of 324.8 million USD for Heineken.

Heineken had seven breweries and 1800 employees in Russia. These employees would get employment guarantee for the next three years.

In March 2022, the world’s second largest brewer had announced its intention to exit from Russia, following Russia’s invasion of Ukraine.

Following west’s imposition of sanctions on Russia, many multinationals decided to leave Russia. Heineken conveyed that there was a risk of nationalisation which probably increased the urgency for Heineken to go for this deal.