Dutch brewer Heineken announced on Friday that it had completed its exit from Russia, selling its operations in the country to Russia’s Arnest Group for a symbolic sum of one euro, Reuters reported.

The world’s second-biggest brewer said the deal had received all the necessary approvals and was likely to leave with an exceptional loss of 300 million euros.

Heineken announced its intention to pull out of Russia in March 2022, following Russia’s invasion of Ukraine, and admitted the process had taken longer than expected.

“Recent developments demonstrate the serious challenges large manufacturing companies face when exiting Russia,” CEO Dolph van den Brink said in a statement.

Many multinational companies tried to leave Russia after the West imposed unprecedented sanctions against Moscow, but the Kremlin responded by withdrawing assets.

Russian President Vladimir Putin signed a decree in July to take control of the Russian branch of French yogurt maker Danone, as well as beer company Carlsberg’s stake in a local brewery.

Anheuser-Busch InBev also said it plans to exit its joint venture with Ephesus Turks, which it has in Russia.

Heineken had seven breweries in Russia and 1,800 employees who will receive job guarantees for the next three years.

The Dutch brewer pulled its Heineken brand out of Russia last year, and production of Amstel will be phased out within six months.

Heineken said the deal, which does not include any buyout option, includes a three-year license for some smaller regional brands, for which Heineken will not provide support or receive any revenue.