Russian beer company Heineken is sold for €1

Nearly a year and a half after first promising to do so, Heineken has finally sold off its Russian company for €1 (or 86p).

The division is being sold to a Russian company called Arnest, which makes aerosol cans, and the Dutch brewer stated it will result in a loss of €300 million.

Following Russia's invasion of Ukraine in February of last year, several Western companies abandoned their Russian operations.

It took a lot longer than we had anticipated, according to Dolf van den Brink of Heineken.

The chief executive and chairman said, "[but] this transaction secures the livelihoods of our employees and allows us to exit the country in a responsible manner."

Arnest will purchase seven breweries for one euro and hire 1,800 workers, promising to keep them employed for the following three years.

Amstel beer brand production will cease over the course of six months, joining Heineken lager, which the business claimed was discontinued in 2022.

"Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia," Mr. van den Brink remarked.

President Vladimir Putin confiscated Russian assets belonging to Carlsberg and French yogurt manufacturer Danone last month.

The Domino's Pizza franchise owner hinted earlier this week that it may close its locations in Russia and declare bankruptcy.

Due to a "increasingly challenging environment," DP Eurasia stated that it will no longer attempt to sell the business.

Numerous economic sanctions have been placed against Russia since its tanks invaded Ukraine on February 24, 2022.

In the early aftermath of the invasion, many well-known brands decided to shut down. Coca-Cola and McDonald's were among those under pressure to leave Russia.

For those who have kept up with business, there has also been constant criticism.

The School of Management at Yale University has been keeping tabs on which companies have left and which have stayed. The BT Group, a British telecom company, and Lacoste, a luxury French clothing company, are among the companies that are still operating.