Dutch brewer Heineken on Friday introduced it was pulling out of Russia after promoting its operations to the Arnest Group, the biggest Russian producer of cosmetics, family items and steel packaging.

Like different main Western firms, Heineken pledged final yr to give up Russia, however drew criticism earlier this yr after a Dutch investigative web site reported that it was persevering with its Russian gross sales.

The firm apologised in March for creating “ambiguity” on its vow to depart the nation, saying it hoped to safe jobs for its Russian staff however struggling to discover a purchaser for its Russian enterprise.

The brewer mentioned in an announcement Friday that the sale had acquired all the mandatory approvals and “concludes the process Heineken initiated in March 2022 to exit Russia”.

The transfer will incur an anticipated whole cumulative lack of 300 million euros ($320 million), it added.

All remaining property together with seven breweries in Russia will switch to the brand new homeowners, Heineken mentioned.

It added that the Arnest Group had offered employment ensures for the subsequent three years for the 1,800 Heineken staff in Russia.

“In addition to the Heineken brand which was removed from Russia in 2022, production of Amstel will be phased out within six months,” it mentioned, including no different worldwide manufacturers can be licensed in Russia.

“We have now completed our exit from Russia,” Heineken chief govt officer Dolf van den Brink mentioned.

“Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia,” he added.

“While it took much longer than we had hoped, this transaction secures the livelihoods of our employees and allows us to exit the country in a responsible manner.”