Heineken pulls out of Russia

Brewer Heineken has pulled out of Russia after having previously vowed to halt new investments and exports in the country.

Heineken, which expects to take a €400.0m hit as a result of its exit from Russia, said it was aiming for an "orderly transfer" of its Botsjkarev, Ochota en Tri Medvjedja brands and added it will continue the business with reduced operations during a transition period as part of an effort to minimise the risk of nationalisation.

"We have concluded that Heineken's ownership of the business in Russia is no longer sustainable nor viable in the current environment," it said, adding that it will not profit from the transfer of ownership.

Heineken also said it would guarantee the salaries of its 1,800 employees until the end of 2022.

As of 1015 BST, Heineken shares were up 1.07% at €88.40 each.