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Many companies and global brands have suspended their operations in Russia after it attacked Ukraine.
Many companies and global brands have suspended their operations in Russia after it attacked Ukraine. The United States, European Union and other Western nations have also imposed fresh sanctions on Russia as the war entered its 12th day.
The companies were severely criticised for their failure to speak out about the invasion, and for continuing to operate in Russia, while a host of other firms such as Netflix, Levi’s, Burberry and Ikea have halted business in the country.
However, it seems McDonald’s, Coca-Cola, PepsiCo have succumbed to the pressure and halted operations in Russia temporarily.
McDonald's has said all 850 of its restaurants in the nation will close their doors - but it will continue to pay the 62,000 people who work for them there. McDonald's owns 84% of its restaurants in Russia, and they contributed 9% of the company's revenue last year.
Just hours later, Starbucks announced it was "suspending all business activity in Russia, including shipment of its products and cafes run by a licensee". The company said Kuwait-based Alshaya Group, which operates at least 100 Starbucks cafes in Russia, will "provide support to the nearly 2,000 partners who depend on Starbucks for their livelihood".
Coca-Cola followed suit announcing it was "suspending its business in Russia". A company statement added: "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."
PepsiCo will suspend all advertising in Russia and stop the sale of its drinks brands. Pepsi, based in Purchase, New York, said it will suspend sales of beverages in Russia. It will also suspend any capital investments and promotional activities.
Yum Brands, the parent company of KFC and Pizza Hut, said late Tuesday it planned to temporarily close 70 company-owned KFC restaurants in Russia. The company said it was also in talks with a franchisee to close all 50 Pizza Hut restaurants in Russia.
General Electric also said in a Twitter post that it was partially suspending its operations in Russia. GE said two exceptions would be essential medical equipment and support for existing power services in Russia.
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