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Heineken stops sale of its own beer in Russia, reviews business
2:13 CAT | 09 Mar 2022
Image: Bloomberg
Heineken has stopped the production and sale of its own brand beer in Russia and will assess the future of its business there becoming the latest company to take a firmer stance following the invasion of Ukraine.
The brewer, which had already previously halted all new investments into Russia as well as exports from other brands in the group, said it will immediately stop the production, advertising and sale of the Heineken brand in Russia, in a statement Wednesday.
The company is also taking steps to ring-fence the Russian business from the wider group to “stop the flow of monies, royalties and dividends out of Russia.”
“Heineken will no longer accept any net financial benefit derived from our Russian operations,” the company said. It added that it is now also assessing the strategic options for the future of the business in Russia where it has operated for two decades.
The Dutch brewer is the latest company to take action. On Tuesday major US corporations including McDonald’s, Coca-Cola and Starbucks said they will temporarily halt business operations in Russia amid an intensifying backlash since the invasion of Ukraine started nearly two weeks ago.
Source: Bloomberg
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