Heineken to exit Russia

Dutch brewing giant Heineken said on Monday it has decided to exit its business in Russia at an expected cost of 400 million euros ($438 million), after previously saying it would only halt new investment and exports to the country.

The company joins a raft of Western brands shuttering businesses in Russia following its invasion of Ukraine, with Heineken's move likely to dial up pressure on Danish rival Carlsberg, the owner of Russia's biggest brewer, Baltika.