Having sold its business in Russia for a symbolic $1 ($1), Heineken has announced its departure from the country.

A Dutch beer maker announced Friday that it had received the necessary approvals to sell its operations to Russian manufacturer Arnest Group.

According to Heineken CEO Dolf van den Brink, “recent developments show the significant challenges large manufacturing companies face in exiting Russia.”

In spite of the long wait, this transaction secures the livelihoods of our employees and allows us to exit the country responsibly.

A total loss of €300 million ($323 million) is expected from the transaction.

Several multinational companies left Russia after Moscow launched its full-scale invasion of Ukraine in February 2022. Western firms have found it increasingly difficult to sell their Russian assets over the past 18 months due to Kremlin restrictions.

In addition, they must now pay a hefty fee to the Russian government on such sales.

As of March, Heineken announced it would “do everything in its power” to prevent its Russian business from being nationalized, while leaving the country as quickly as possible.

Firstly, we do not believe that the Russian state or those closest to it have our people’s best interests at heart. Secondly, we were uncomfortable with the idea of the Russian state benefiting from forced appropriation of major business assets,” the company said in a statement.

Arnest Group, a manufacturer of cosmetics, household goods, and metal packaging for consumer goods, has provided employment guarantees to all 1,800 Heineken employees in Russia for the next three years.