<p>Dutch brewer Heineken said on Friday it had completed its exit from Russia by selling its operations there to Russia's Arnest Group for a symbolic one euro.</p>.<p>The world's second largest brewer said the deal had received all the required approvals and was likely to leave it with exceptional losses of 300 million euros ($324.8 million).</p>.<p>Heineken announced its intention to exit Russia in March 2022, after Russia's invasion of Ukraine, acknowledging that the process had taken longer than expected.</p>.Moscow demands bigger discounts from foreign cos exiting Russia.<p>"Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia," Chief Executive Dolf van den Brink said in a statement.</p>.<p>Many multinational companies flocked to leave Russia after the West imposed unprecedented sanctions on Moscow, but the Kremlin has retaliated by seizing some assets.</p>.<p>Russian President Vladimir Putin signed a decree in July to take control of French yoghurt maker Danone's Russian subsidiary along with beer company Carlsberg's stake in a local brewer.</p>.<p>Anheuser-Busch InBev has also said it plans to exit its joint venture in Russia with Turkey's Efes.</p>.<p>Heineken had seven breweries in Russia and 1,800 employees, who will receive employment guarantees for the next three years.</p>.<p>The Dutch brewer removed its Heineken brand from Russia last year and production of Amstel is to be phased out within six months.</p>.<p>Heineken said the deal, with no option to buy the business back, included a three-year licence for some smaller regional brands, for which Heineken would not provide brand support or receive any proceeds.</p>.<p>Arnest Group owns a major can packaging business and is the largest Russian manufacturer of aerosols, as well as selling cosmetics and household goods.</p>.<p>Heineken said the transaction will have negligible impact on its full-year outlook.</p>
<p>Dutch brewer Heineken said on Friday it had completed its exit from Russia by selling its operations there to Russia's Arnest Group for a symbolic one euro.</p>.<p>The world's second largest brewer said the deal had received all the required approvals and was likely to leave it with exceptional losses of 300 million euros ($324.8 million).</p>.<p>Heineken announced its intention to exit Russia in March 2022, after Russia's invasion of Ukraine, acknowledging that the process had taken longer than expected.</p>.Moscow demands bigger discounts from foreign cos exiting Russia.<p>"Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia," Chief Executive Dolf van den Brink said in a statement.</p>.<p>Many multinational companies flocked to leave Russia after the West imposed unprecedented sanctions on Moscow, but the Kremlin has retaliated by seizing some assets.</p>.<p>Russian President Vladimir Putin signed a decree in July to take control of French yoghurt maker Danone's Russian subsidiary along with beer company Carlsberg's stake in a local brewer.</p>.<p>Anheuser-Busch InBev has also said it plans to exit its joint venture in Russia with Turkey's Efes.</p>.<p>Heineken had seven breweries in Russia and 1,800 employees, who will receive employment guarantees for the next three years.</p>.<p>The Dutch brewer removed its Heineken brand from Russia last year and production of Amstel is to be phased out within six months.</p>.<p>Heineken said the deal, with no option to buy the business back, included a three-year licence for some smaller regional brands, for which Heineken would not provide brand support or receive any proceeds.</p>.<p>Arnest Group owns a major can packaging business and is the largest Russian manufacturer of aerosols, as well as selling cosmetics and household goods.</p>.<p>Heineken said the transaction will have negligible impact on its full-year outlook.</p>