McDonald's, Starbucks, Coca Cola and Pepsi all announced they are suspending business operations in Russia in response to the invasion of Ukraine.
Faith Abubey reports, after President Joe Biden announced the U.S. will ban all Russian oil imports.
McDonald's owns 84% of its Russian restaurants, and in a recent financial filing, the company said Russia and Ukraine contributed 9% of the company's revenue last year. Starbucks also announced the company and licensed partner will be suspending all business activity in Russia, according to aHe added that they will continue to"provide support to the nearly 2,000 partners in Russia who depend on Starbucks for their livelihood."
"We continue to watch the tragic events unfold and, today, we have decided to suspend all business activity in Russia," Johnson wrote."Through this dynamic situation, we will continue to make decisions that are true to our mission and values and communicate with transparency."The Coca-Cola Company also announced that it is suspending its business in Russia.
"Our hearts are with the people who are enduring unconscionable effects from these tragic events in Ukraine," the company said in a statement."We will continue to monitor and assess the situation as circumstances evolve.""As many of you know, we have been operating in Russia for more than 60 years, and we have a place in many Russian homes," Pepsi CEO Ramon Laguarta said in a statement.