Heineken is yet to leave Russia

Heineken is yet to leave Russia

Heineken Corporation has not yet left the Russian market, despite attempts to do so.

This is stated in the company's report.

In April 2023, the beer enterprise applied to withdraw from the Russian market. This is a procedure used by large foreign businesses to allow the Russian state to sell their assets in Russia.

"Recent developments in Russia demonstrate that it is even more challenging for businesses to secure exit approval. In April, we announced that an application had been submitted for approval and we continue to work hard to secure a transaction,” Heineken said.

However, Heineken will not make any money from the sale and does not receive any income from its operations in Russia. Currently, the impairment loss on Russian assets is €201 million (€88 million in December 2022 and €113 million in June 2023).