The Russian war in Ukraine is causing a lot of casualties and economic uncertainty around the world.
Beer brewing giant Heineken announced that is pulling out its operations and exiting Russia for good.
The move comes after the company decided to put investments on hold earlier this month. The company said it will sell its operations to locals and continue trading.
In a statement, the company said, “We are shocked and deeply saddened to watch the war in Ukraine continue to unfold and intensify. We earlier announced that Heineken stopped new investments and exports to Russia, ended the production, sale and advertising of the Heineken brand, and announced that we will not accept any net financial benefits or profit from our business in Russia.”
The company went further to say, “Following the 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. As a result, we have decided to leave Russia.”
Heineken guaranteed that the salaries of its 1,800 employees in Russia will be paid by the end of 2022 and that the company will do its “utmost to safeguard their future employment”.