(Bloomberg) -- Heineken NV said it is dealing with the “very real risk” that the Russia would nationalize its local business if it were to stop operations or become insolvent, amid criticism of the company’s presence in the country.

The world’s second-largest brewer has been facing boycott calls on social media after a report that showed the company has introduced 61 new products in the Russian market even after it announced plans to exit the country in March 2022. 

The company said Friday the sale is being weighed down by shifting rules imposed by Moscow. 

After Heineken removed its biggest brand from the Russian market last year, it received “official warnings from prosecutors that if this decision led to the suspension or closure of our business, it would be deemed to be an ‘intentional bankruptcy,’” the company said in a statement, which came about a year after the invasion began.

While some of the world’s biggest companies have suspended business in Russia, many are still trying to decide whether and how to leave the country in the aftermath of the invasion of Ukraine. 

Heineken’s shares declined 0.2% in Amsterdam on Friday. 

The local laws allow the Russian government to appoint external management in the case of an intentional bankruptcy, the Dutch brewer said. “We continue to interpret this risk to our people and business as significant,” it said in the statement.

Heineken has booked an impairment charge of €88 million ($94 million) on its Russia business for last year. In March, it said it expects impairment and other non-cash exceptional charges of about €400 million. The company said it now sees around €300 million of negative financial impact from the business. 

The Dutch brewer still aims to reach an agreement to sell its business in the first half of the year. 

--With assistance from Lindsey Rupp.

(Updates with boycott call and Heineken’s new products in Russia)

©2023 Bloomberg L.P.