Dutch brewer Heineken Sells Its Russian Operations For 1 Euro

Heineken on Friday sold its operations in Russia for the price of 1 Euro, completing an exit the giant Dutch brewer.

This move comes over a year after Heineken initially announced its intention to sell the division.

The Dutch brewer is incurring a loss of 300 million Euros in this transaction. The sale involves seven breweries and the retention of 1,800 employees under a three-year employment guarantee.

Notably, the production of the Amstel beer brand will be phased out over six months. Heineken's CEO, Dolf van den Brink, acknowledged the challenges faced in exiting Russia due to recent developments and economic sanctions.

Other Western companies have also faced difficulties, with President Vladimir Putin seizing assets of Carlsberg and Danone, while Domino's Pizza franchise owner DP Eurasia signaled its Russian shops' closure.

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