Over 400 Companies Have Left Russia... From Hamburgers and Cola to Beer

Dutch Beer Company Heineken Also Joins

[Image source=Yonhap News]

[Asia Economy Reporter Cha Min-young] As the number of multinational companies withdrawing from Russia exceeds 400, the famous beer company Heineken has also joined the move to exit Russia.

According to foreign media including AFP on the 28th, the Dutch liquor company Heineken has decided to completely withdraw from the Russian market. In a statement, Heineken said, "The Russian business is neither sustainable nor feasible under the current circumstances, so we have decided to leave Russia," officially announcing its plan to sell its local operations.

Heineken has been manufacturing and selling locally dedicated brand products in Russia. The company had already stopped the sale and production of 'Heineken' beer in Russia earlier this month and had also halted new investments and exports to Russia. However, pursuing an "orderly transition," it plans to pay salaries to 1,800 local employees until the end of this year.

Additionally, it stated that it will comply with international law and local regulations while transferring the company to a new owner. The company said it will not gain any economic benefit from this sale. On the contrary, it estimated that the costs involved in the sale process will reach a total of 400 million euros (approximately 537.6 billion KRW).

Since Russia invaded Ukraine on February 24th last month, more than 400 multinational companies have withdrawn from the Russian market or suspended local operations. Food and beverage companies such as McDonald's, Coca-Cola, and Pepsi, as well as tobacco company British American Tobacco, clothing company Levi's, consumer goods manufacturer 3M, and IT companies like Apple, Samsung, and LG have all closed their local operations. Luxury brands including Louis Vuitton, Chanel, Prada, Gucci, and Dior were also included.

This content was produced with the assistance of AI translation services.