Dutch Heineken to Sell Business in Russia By 2022 End

Dutch brewing company Heineken plans to sell its business in Russia during the second half (H2) of this year, the firm announced on Monday.

"On 28 March, Heineken announced its decision to leave Russia. We are making good progress to secure an orderly transfer of our business to a new owner in full compliance with international and local laws and expect to reach an agreement during the second half of this year," the company said.

Heineken has valued its assets in Russia at EUR 475 million as of 30 June, while its debt obligations amounted to about EUR 275 million.

Last June, Italian utility Enel agreed to sell its 56.43% equity in Enel Russia for around $144.15 million to local investors amid Moscow’s invasion of Ukraine.

The transaction is expected to be completed within the third quarter (Q3) of 2022. This step marks the full exit of Enel from the Russian market in line with similar moves by the world’s biggest energy companies, including BP Plc and Shell Plc.

In May, McDonald’s also unveiled its intention to leave Moscow after temporarily shutting down more than 800 restaurants.

The burger chain will sell its Russian business, saying the “humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment, have led McDonald’s to conclude that continued ownership of the business in Russia is no longer tenable, nor is it consistent with McDonald’s values.”

It added that once the sale is finalized, the Russian restaurants will be “de-Arched,” meaning the locations will no longer be allowed to use the McDonald’s name, logo, or menu.