Daily Brew Mar 08, 2023
Heineken states Russia exit delay is due to local paperwork
Heineken claimed the delay in its Russia exit was beyond its control, and reiterated it still planned to exit the country. Last month, a story by investigative website Follow The Money questioned whether Heineken had followed through on its March 2022 promise to leave Russia, including selling its non-Heineken international brands like Amstel. “It’s challenging to close a transaction in Russia at the moment as rules continue to shift,” the Dutch company said, adding its business transfers required many approvals by local authorities, the time frame of which it could not affect.