Heineken has completed its lengthy exit from Russia with the sale of its operations there for a symbolic €1, after Moscow clamped down on asset sales in retaliation for western sanctions.

The Dutch brewer, which also owns the Amstel, Birra Moretti and Tiger brands, said it would be taking a €300m loss as a result of the sale, which will see it transfer all of its remaining assets, including seven breweries, to Russia’s Arnest Group.

The multinational brewer, which also owns UK craft brewer Beavertown, faced criticism for the slow pace of its exit in the wake of the invasion of Ukraine, but had insisted it was seeking to look after its 1,800 employees in Russia.

Arnest Group owns a major can packaging business and is Russia’s largest manufacturers of cosmetics, households goods and metal packaging for the fast-moving consumer goods sector.