Heineken announced the difficulties in exiting the Russian business

Brewing company Heineken faced difficulties when exiting the Russian business, as the reason they called changing conditions. About it says in the company’s report for the first half of 2023

“Recent events in Russia show that it has become even more difficult for businesses to obtain permission to exit assets. <...> We remain fully committed to withdrawing from Russia, however, the timing of our withdrawal does not depend on us,” the company document says.

Heineken noted that asset impairment losses as of July 31 amounted to 201 million euros. As of June 30, the net book value of the Russian business is nil. The company also assured that it does not currently receive any financial benefit from the situation and will not profit from the sale of activities.

In early August 2022, it became known that Heineken plans to sell Russian assets by the end of the year. At the end of February, the company announced that it expects to close the sale of its Russian business in the first half of 2023. The losses incurred as a result of this decision expected around 300 million euros. In April 2023, the company announced that found buyers for Russian business.

The company announced the suspension of the production and sale of beer under the Heineken brand in Russia in March 2022, as well as the refusal to receive profit from its Russian division. The company has been operating on the Russian market since February 2002, when the first plant in St. Petersburg was acquired.