Heineken exits Russia in wake of Ukraine war
Heineken shuts shop
Dutch brewerHeinekenon Monday joined the foreign business exodus fromRussiaover thewarinUkraine, saying it was "deeply saddened" to see the conflict intensify.
The beer company, which employs 1,800 people inRussia, had already halted the sale and production of itsHeinekenbrand inRussia, and suspended new investments and exports to the country earlier this month.
Hundreds of Western firms have closed shops and offices inRussiasince thewarstarted, a list that includes famous names such as Ikea, Coca-Cola, Goldman Sachs and MacDonald's.
"We are shocked and deeply saddened to watch thewarinUkrainecontinue to unfold and intensify,"Heinekensaid in a statement.
"Following the previously announced strategic review of our operations, we have concluded thatHeineken's ownership of the business inRussiais no longer sustainable nor viable in the current environment," the statement said.
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"As a result, we have decided to leaveRussia."
Heinekensaid it would aim for an "orderly transfer" of its business to a new owner in compliance with international and local laws and would not take any profit from the transaction, which will cost the company 400 million euros ($438 million) in exceptional charges.
Heinekenis the third-biggest brewer inRussia, where it makes the Zhigulevskoe and Oxota brands for the local market
Guaranteeing salaries
The company said it would continue on reduced operations during a transition period to reduce the risk of nationalisation and "ensure the ongoing safety and wellbeing of our employees".
"In all circumstances we guarantee the salaries of our 1,800 employees will be paid to the end of 2022 and will do our utmost to safeguard their future employment."
Upon completion of the transferHeinekenwill no longer have a presence inRussia.
The country has been hit by an onslaught of economic sanctions but foreign companies have also faced public pressure, and calls from the Ukrainian government, to leaveRussia.
Some companies have remained inRussia, citing concerns about the fate of their employees or depriving ordinary Russians of vital goods.
Ukrainian President Volodymyr Zelensky used an address to France's parliament last week to call on French companies still working inRussiato "stop sponsoring" aggression against his country.
Car giant Renault subsequently announced an immediate suspension of operations at its Moscow factory.
But the chief executive of French retail giant Auchan, Yves Claude, defended the company's decision to remain inRussia, citing the need to keep staff employed.
Ukrainecalled for a global boycott of Auchan.
Watch |Gravitas Plus: The story of Ukraine's President Volodymyr Zelensky