The Netherlands & Russia: Heineken stops production and sale of its own brand beer in Russia
Heineken NV has stopped the production and sale of its own brand beer in Russia, joining a wave of companies to exit the country in response to the invasion of Ukraine, Bloomberg reported on March 9.
The move expands on previous steps by the Dutch brewer, which had already halted all new investments in Russia as well as exports of other brands. Production, advertising and sale of the Heineken brand there will immediately halt, the company said in a statement on March 9.
Shares rose as much as 4.3% in early trading.
Heineken joins a growing list of companies leaving the Russian market amid an intensifying backlash over President Vladimir Putin’s decision to invade Ukraine. Public pressure and boycotts of firms doing business in Russia has mounted in recent days as the war and humanitarian crisis have deepened.
“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 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.”
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