Coca Cola, Pepsi, McDonald’s, Starbucks and Pizza Hut have joined the iconic world brands cutting operations in Russia over its invasion of neighbouring Ukraine.
The decision follows widespread condemnation over their continued presence in Russia after other United States companies quit the country.
Yale Professor Jeffrey Sonnenfeld had compiled and made public a list of U.S. companies that have withdrawn from Russia following President Vladimir Putin’s invasion and those that were yet to.
Announcing it exit on Tuesday, Coca Cola said: “Our hearts are with the people who are enduring unconscionable effects from these tragic events in Ukraine. We will continue to monitor and assess the situation as circumstances evolve.”
Pepsi, on the other hand, said it will suspend Russian sales of its Pepsi-Cola, 7UP and Mirinda brands, along with capital investments and all advertising and promotional activities.
“As a food and beverage company, now more than ever we must stay true to the humanitarian aspect of our business,” Pepsi CEO Ramon Laguarta wrote in a memo to employees viewed by CNBC.
On its part, McDonald’s stated that all of its 850 restaurants in Russia are suspended.
Prior to the announcement, the fast food company remained silent as the Russian military continued to pound Ukraine. Their silence drew more criticisms than other fast food companies that condemned the Russian onslaught but continued business.
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Coca Cola, Pepsi, McDonalds Suspend Operations in Russia