Heineken exits Russia with €1 sale of operations

The brewer said the deal was likely to leave it with exceptional losses of €300m

Many multinational companies flocked to leave Russia after the West imposed unprecedented sanctions on Moscow, but the Kremlin has retaliated by seizing some assets. Photographer: Andrey Rudakov/Bloomberg

Dutch brewer Heineken said on Friday it had completed its exit from Russia by selling its operations there to Russia's Arnest Group for a symbolic €1.

The world's second-largest brewer said the deal had received all the required approvals and was likely to leave it with exceptional losses of €300m.