Dutch brewing company Heineken is leaving Russia. This is stated in a statement on its website.

The organization will transfer its business in Russia to a new owner in accordance with local and international laws. On what terms the transfer will take place and who may become the new owner of the enterprises, Heineken did not specify.

“Following a previously announced strategic review of our operations, we have concluded that owning a business in Russia is no longer sustainable or feasible for Heineken in the current situation. As a result, we have decided to withdraw from Russia,” the company said.

The company added that it will not receive any profit from the transfer of the business, and the additional costs will amount to about 400 million euros. Subsequently, Heineken will no longer be represented in Russia.

Another global brewing company, the Danish Carlsberg, also restricted its work in Russia earlier.