NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Narendra Modi
    Amit Shah
    Box Office Collection
    Bharatiya Janata Party (BJP)
    OTT releases
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / World News / Russia-Ukraine crisis: Coca-Cola, PepsiCo suspend business in Russia
    Russia-Ukraine crisis: Coca-Cola, PepsiCo suspend business in Russia
    1/7
    World 3 min read

    Russia-Ukraine crisis: Coca-Cola, PepsiCo suspend business in Russia

    By Pratyush Deep Kotoky
    Mar 09, 2022
    10:29 am
    Russia-Ukraine crisis: Coca-Cola, PepsiCo suspend business in Russia
    Coca-Cola, PepsiCo suspend operations in Russia for its invasion of Ukraine.

    The Coca-Cola Company and PepsiCo—two of the biggest beverage producers in the world—said on Tuesday that they are suspending their business in Russia in the wake of Moscow's invasion of Ukraine. While announcing the move, both the companies echoed concern for Ukraine as Russia intensifies its attacks on the neighboring country. Earlier, McDonald's and Starbucks had also curtailed operations in Russia.

    2/7

    Why does this story matter?

    PepsiCo and Coca-Cola became the latest high-profile Western consumer brands to halt operations in Russia after it launched a full-fledged invasion of Ukraine. This comes as numerous companies—from Apple to Visa—have already stopped or at least paused their operations in Russia. Meanwhile, financial sanctions imposed by the West on Russia have already frozen much of the country's central bank's $640 billion in assets.

    3/7

    'Our hearts are with people...': Coca-Cola

    In a statement regarding the suspension of its business in Russia, 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," the statement added. Notably, Russia and Ukraine contributed about 1% to 2% of Coca-Cola's net operating revenue in 2021.

    4/7

    PepsiCo cites 'horrific' events in Ukraine to halt its business

    PepsiCo—which operated in Russia for over 60 years—cited "the horrific events occurring in Ukraine" for suspending the sales of Pepsi-Cola, 7 Up, and other brands along with capital investments and all advertising and promotional activities in Russia. However, it is not halting all businesses in the country. The company said it would keep selling some essential products, like baby formula, milk, and baby food.

    5/7

    'We must stay true to our humanitarian aspect of business'

    In a memo to PepsiCo employees, CEO Ramon Laguarta said, "As a food and beverage company, now more than ever we must stay true to the humanitarian aspect of our business." Notably, Pepsi generates roughly 4% of its annual revenue from Russia.

    6/7

    Starbucks, McDonald's pull the plug in Russia

    Meanwhile, Starbucks on Tuesday announced it was also suspending all business activities in Russia, including shipments of its products. Starbucks CEO Kevin Johnson had also condemned the attacks in a letter on Friday. The announcement came after McDonald's said it would temporarily close its 850 restaurants in Russia. Notably, about 84% of McDonald's Russian locations are owned by the company.

    7/7

    The firms had received flak for continuing operations

    Pepsi, Coca-Cola, McDonald's, and Starbucks had been drawing criticism for continuing to operate in Russia even as a broad range of American companies announced suspensions and paused businesses. Coca-Cola and McDonald's also faced boycott campaigns on social media. Notably, many US companies have tried to reduce their exposure in both Russia and Ukraine since Russia's invasion of Crimea back in 2014.

    Facebook
    Whatsapp
    Twitter
    Linkedin
    Related News
    Coca-Cola
    PepsiCo
    United States of America
    Russia
    Russia-Ukraine crisis

    Coca-Cola

    Coca-Cola loses billions in market-cap after Ronaldo says 'drink water' Football
    Coca-Cola to Unilever, these big brands are boycotting Facebook ads Facebook
    Coca-Cola says customers want plastic bottles; wouldn't ban them BBC
    Kolkata: Fizz to stay in carbonated drinks, feels Greenfizz Beverages India

    PepsiCo

    Five famous and successful alumni of IIM-Calcutta to know about India
    These IITians quit lucrative jobs to pursue their dreams, passions India
    #NewsBytesExclusive: GEM Enviro, start-up that recycles plastic waste into bags Environment
    Watch: Lionel Messi's incredible trick shot leaves Twitter in awe Football

    United States of America

    US bans Russian oil imports over invasion of Ukraine Ukraine
    US mulling sanctions over India-Russia S-400 deal amid Ukraine invasion Russia
    'Need ammunition, not ride': Ukrainian President rejects US's evacuation offer Ukraine
    US fines National Bank of Pakistan for anti-money laundering violations New York City

    Russia

    18 dead after 500-kg bombs hit residential buildings in Ukraine Russia News
    Russia announces ceasefire as fighting continues in Ukraine Ukraine
    Petrol, diesel prices may be hiked by Rs. 15/liter India
    Nine dead in Russian airstrikes on Ukraine's Vinnytsia airport Ukraine

    Russia-Ukraine crisis

    Russia declares ceasefire again in Ukraine to open humanitarian corridors Emmanuel Macron
    Modi speaks to Ukraine's President Volodymyr Zelensky as Russia attacks Narendra Modi
    Russian forces intensify shelling in Ukrainian cities before peace talks Ukraine
    Amid war, over 61,000 Airbnb bookings in Ukraine; here's why Ukraine
    Next News Article

    Love World News?

    Subscribe to stay updated.

    World Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023