Heineken is to take a £257million loss on its Russian operations after selling the business for a token one euro.
The Dutch brewer said it had reached a deal with packaging and consumer goods company Arnest Group, which has now taken responsibility for Heineken's 1,800 employees in Russia.
Heineken has already stopped selling its eponymous beer in Russia, as well as other Western brands it sold there such as Guinness and Miller.
However, some beers, notably Amstel, have still been on shelves.
Heineken said that brand would now be scrapped in Russia and it pledged not to licence any other beers to brewers in the country.
With the sale, Heineken has avoided the fate of fellow brewer Carlsberg, which had its business assets seized by Russian authorities.
Lost contact
Carlsberg's chief executive said this month he had lost contact with Russian employees since its subsidiary, Baltika Breweries, was commandeered by the Kremlin.
Heineken had previously faced accusations of breaking the promise it made to leave Russia after the invasion of Ukraine in 2022.
The Telegraph says the brewer has called the claims "absolutely untrue and misleading".
Heineken had ring-fenced its Russian operations, not taking any profit from them, but argued that finding a buyer who could take on its local employees was a better outcome than shutting the business down and laying staff off.
Arnest Group is owned by Russian businessman Aleksei Sagal.
Its main business is manufacturing aerosols and the company has worked with partners including Unilever, Colgate-Palmolive and L'Oreal, according to the Roscongress Foundation, which promotes Russia's economic interests.
'Significant challenges'
Dolf van den Brink, chief executive and chairman at Heineken, said: "Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia.
"While it took much longer than we had hoped, this transaction secures the livelihoods of our employees and allows us to exit the country in a responsible manner."
The franchise owner of Domino's Pizza last week signalled it would shut its Russian shops and put the business into bankruptcy.
DP Eurasia said it would no longer try to sell the operation because of an "increasingly-challenging environment".
Russia has been targeted by a number of economic sanctions since its tanks rolled into Ukraine.
Exiting Russia
Many big household names decided to close their operations in the immediate aftermath of last year's invasion.
There has also been ongoing criticism for the ones that have continued business.
Yale University's School of Management has been tracking which firms have exited and which have stayed. The BBC says those that remain include the likes of UK telecom firm BT Group and Lacoste, the upmarket French sportswear brand.
FTSE 100
UK's top share index, the FTSE 100, closed up four points at 7,338 on Friday.
The London Stock Exchange is shut today for a bank holiday.
Brent crude futures were up 0.09% this morning at $84.56 a barrel.