By Michael Susin

Heineken NV said Monday that it will exit its operations in Russia, noting that its business in the country is no longer sustainable following the outbreak of war in Ukraine.

The world's second-largest brewer said it will transfer its business in the country to a new owner, without disclosing further details, and that the decision is expected to create an impairment of 400 million euros ($439.3 million).

Reduced operations will continue during the transition period to "minimize the risk of nationalization," it added.

The company said previously that it had stopped new investments and exports to Russia, and wouldn't take any profit from operations in the country.

Shares at 0741 GMT were down EUR0.8, or 1%, at EUR86.6.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

March 28, 2022 04:29 ET (08:29 GMT)

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