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Saturday, December 10, 2022

Ukraine pulls out of Heineken Russia in wake of war

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The Hague, Netherlands — Dutch brewer Heineken announced Monday that it was pulling out of Russia, becoming the latest Western firm to exit the country in the wake of Moscow’s invasion of Ukraine.

The beer company had already halted sales and production of its Heineken brand in Russia, as well as suspended new investments and exports in the country earlier this month.

“We are shocked and deeply saddened to see the war continuing and intensifying in Ukraine,” Heineken said in a statement.

“Following a previously announced strategic review of our operations, we have concluded that Heineken’s ownership of the business in Russia is no longer sustainable nor viable in the current environment,” the statement said.

“As a result, we have decided to leave Russia.”

Heineken said it would aim to make a “systematic transfer” of its business to a new owner in compliance with international and local laws and would take no profit from the transaction, which cost the company 400 million euros ($438 million) in extraordinary fees. There will be expenses. ,

The company said it will continue on reduced operations during the transition period to reduce the risk of nationalization and “ensure the ongoing safety and well-being of our employees.”

“Under all circumstances we guarantee that the wages of our 1,800 employees will be paid by the end of 2022 and will do our best to safeguard their future employment.”

Hundreds of Western firms have closed shops and offices in Russia since the war began, a list that includes well-known names such as Ikea, Coca-Cola and McDonald’s.

This article is republished from – Voa News – Read the – original article.

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