Losses Heineken as a result of leaving Russia will amount to about 300 million euros

The Heineken brewing concern expects to close the sale of its Russian business in the first half of 2023. Losses resulting from the implementation of this decision are expected to be around 300 million euros, says in a company statement.

“We are working hard to transfer our business to a viable buyer in very difficult circumstances and we expect a significant financial loss for the company, which will amount to about 300 million euros,” the press office said.

The statement also said that the concern would like to complete this process earlier, but faced a “complex and ever-changing regulatory environment” that made closing the deal and obtaining the necessary permits even more difficult.

“We are confident that we will have a suitable buyer who can meet our requirements and that the transfer will be completed in the first half of 2023, however, we do not control the time frame required for obtaining various approvals in Russia,” the message says.

In early August 2022, it became known that Heineken plans to sell Russian assets by the end of the year. Back in March, the company announced the suspension of the production and sale of beer under the Heineken brand in Russia, 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.