Coca-Cola will suspend its business in Russia following international criticism that the beverage company was still operating in the country.
Details: The company will suspend operations due to the ongoing war between Russia and Ukraine. Russia invaded Ukraine at the end of February.
- Per MarketWatch, Coca-Cola’s business in Russia and Ukraine led to about 1% to 2% of its total net operating revenues and operating income in 2021.
BREAKING: Coca-Cola announces the company is joining McDonald’s and Starbucks in suspending their operations in Russia. https://t.co/MrEn6jlNYC pic.twitter.com/9qNOObDKTg— ABC News (@ABC) March 8, 2022
Flashback: #BoycottMcDonalds and #BoycottCocaCola were trending hashtags on Twitter this last week as people protested both companies for continuing their businesses in Russia, as the Deseret News’ Ashley Nash wrote.
- McDonald’s said Tuesday it will close all of its stores in Russia (temporarily) due to Russia’s invasion of Ukraine,
Yes, but: Pepsi — another company still conducting business in Russia — is still exploring options for what to do, per The Wall Street Journal.
- One option includes the possibility of writing off the business entirely.