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News Desk: Drinks giant Heineken has announced it will leave the Russian market.
“We have concluded that Heineken’s ownership of the business in Russia is no longer sustainable nor viable in the current environment. As a result, we have decided to leave Russia” the company said in a statement on Monday.
Heineken had earlier announced that it would stop new investments and exports to Russia as well as ending the production, sale and advertising of the Heineken brand in the country. It also said it would not accept any profit from its business in the country.
“We aim for an orderly transfer of our business to a new owner in full compliance with international and local laws” the company added on Monday. “To ensure the ongoing safety and wellbeing of our employees and to minimize the risk of nationalization, we concluded that it is essential that we continue with the recently reduced operations during this transition period”
Heineken would pay the salaries of its 1,800 Russian employees until the end of this year, and would not profit from the transfer of ownership of its business in Russia, the company said.
