maker said in a statement on Friday that it had received the necessary approvals to sell its operations to Arnest Group, a Russian manufacturer, completing a withdrawal process it initiated in March 2022.
Heineken CEO Dolf van den Brink said that "recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia".Heineken has announced its departure from Russia following the sale of its business in the country for a symbolic €1. "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," he added.When Moscow launched its full-scale invasion of Ukraine in February 2022, a slew of multinational companies left Russia, or announced plans to do so.
But over the past 18 months, the Kremlin has made it increasingly difficult for Western firms to sell their Russian assets.