Heineken announced today that it is abandoning its business in Russia, bringing forward a charge of 400 million euros. Earlier this month, the Dutch brewing giant said it would suspend new investments and exports in that country.

A statement from the company avers that "ownership of Heineken's business in Russia is no longer sustainable or viable in the current [war] environment." The company will not benefit from any transfer of ownership.

However, the document states that an orderly withdrawal is expected, as the company would continue the business with reduced operations during the transition period to minimize the risk of nationalization.

Heineken produces two beer brands in Russia, Botsjkarev and Ochota en Tri Medvjedja. The company said it will guarantee the salaries of its 1,800 employees until the end of this year.

Rival Carlsberg, owner of Russia's largest brewer Baltika, is continuing to sell beer under the Baltika brand. Earlier this month it said it had begun a strategic review of its business in the country and was suspending Russian brewing of its namesake beer brand.