Daily Brew
Feb 22, 2023
Heineken says it still plans to exit Russia, take 300 million euro loss
Brewer Heineken still plans to exit Russia and sell its business there at a loss this year, it said, after a Dutch media report questioned whether it had followed through on its March 2022 promise to leave the country. Heineken is still operating in Russia by selling its non-Heineken international brands such as Amstel and launching new products. “We’re working hard to transfer our business to a viable buyer in very challenging circumstances and at significant financial loss to the company,” Heineken said in a statement. It expects a 300 million euro ($320 million) impairment on the business when it is sold, likely in the first half of 2023.