Tuesday, September 26, 2023

Over 300 Companies Pull Out of Russia. Here’s the List

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Four US corporations–McDonald’s, Starbucks, Coca-Cola and Pepsi are the latest companies suspending operations in Russia after President Vladimir Putin invaded Ukraine triggering a humanitarian crisis as over two million refugees flee to neighboring countries.

McDonald’s announced that all of its 850 Russian restaurants would close, temporarily.

Starbucks said it would suspend all Russian business activity, including the shipment of its products.

Pepsi announced it will suspend Pepsi-Cola, 7UP and its Mirinda brands, and all of its advertising and promotional activities but will continue to sell baby formula, milk and baby food.

Why it matters

In recent days, Pepsi, Coke, Starbucks and McDonald’s faced backlash for their continued operation in Russia amid the war, prompting them to suspend business.

Twitter has been rife with hashtags like #BoycottPepsi and #BoycottCocaCola. Some businesses, however, continue to operate–Papa John’s, Nestle, and Marriot.

It is hoped that withdrawing operations will punish Putin and result in an end to its invasion of Ukraine.

The big picture

These companies have operated in Russia for many years. Pepsi has operated in Russia for more than 60 years.

McDonald’s opened its first location beyond the Iron Curtain in Moscow, just months before the Soviet Union collapsed.

Jeffrey Sonnenfeld and his research team at the Yale Chief Executive Leadership Institute have compiled a list of nearly 300 corporations that have withdrawn from Russia. Some include American Airlines, Airbnb, Bentley, Boeing, Burberry, Carnival, Chanel, Dell, eBay, FedEx, H&M, JP Morgan, Nike, Nintendo, Tiktok, TJ Max, and UPS.

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