Beer company Heineken announced it would leave Russia on Monday, over a month since the nation’s invasion into Ukraine began.
The Dutch brewing company is “shocked and deeply saddened” by Moscow’s continued actions, according to a company statement.
Continuing to do business in Russia “is no longer sustainable nor viable in the current environment,” it said.
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The decision to leave was a strategic one, and Heineken said operations will continue to be reduced as ownership is transitioned, according to a report.
“We aim for an orderly transfer of our business to a new owner in full compliance with international and local laws,” the statement read.
“To ensure the ongoing safety and [well-being] 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.”
The company will not see any profit as it transitions ownership out of Russia, but the cost of the exit will be about 400 million euros, or roughly $439.3 million.
“We will not profit from any transfer of ownership and we expect an impairment and other non-cash exceptional charges of approximately €0.4 billion in total,” the company said.
At the completion of the transition, Heineken will “no longer have a presence in Russia,” according to the company.
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“We continue to hope that a path to a peaceful outcome emerges in the near term,” Heineken said.
