Heineken beer bottles are seen at a bar in Monterrey, Mexico June 20, 2017. Picture taken June 20, 2017. REUTERS/Daniel Becerril

MOSCOW (Reuters) - Heineken HEIO.AS, the world's third-largest brewer, said on Monday it had put its mothballed production site in Kaliningrad, a Russian exclave on the Baltic Sea, up for sale.

The Dutch company halted production at the Kaliningrad plant in January, citing a steady decline in Russia’s beer market due to the tightening of the regulation and recession.

“We have a sober estimate of the economic situation in the country as a whole and in the region in particular,” the company said in a statement announcing the sale.

Heineken said it planned to raise at least 250 million roubles ($4.3 million) from the sale and invest the proceeds in other projects.

($1 = 57.9234 roubles)