DUBAI: Coca-Cola, PepsiCo, McDonald’s and Starbucks have joined a growing list of multinationals suspending operations in Russia over its invasion of Ukraine.
Since last weekend, the hashtags #BoycottCocaCola and #BoycottPepsi have been trending on social media, with online activists calling for people to shun the brands.
In an email later published on the McDonald’s website, CEO Chris Kempczinski said: “Working closely in consultation with our Chairman, Rick Hernandez, and the rest of McDonald’s board of directors over the last week, McDonald’s has decided to temporarily close all our restaurants in Russia and pause all operations in the market.”
The company will continue to pay the salaries of all employees in Russia, he said.
Hours later, Coca-Cola followed suit, announcing the suspension of its business operations in Russia.
Other brands, including Starbucks and dating app Bumble, have also stopped operating in the country. The latter said that it will remove all of its apps from the Apple App Store and Google Play Store in Russia and Belarus.
In a statement, the company said the combined revenue from Russia, Ukraine and Belarus made up about 2.8 percent of total annual revenue in 2021.
Bumble said it is expecting a loss of about $2 million of revenue from Russia, Ukraine and Belarus in the first quarter of 2022 “due to the conflict and the company’s subsequent decision to remove all of its apps from the Apple App Store and Google Play Store in Russia and Belarus.”
Firms such as Universal Media Group and Warner Media have also stopped any investment or operations in Russia.
According to Variety, Warner Media CEO Jason Kilar told employees the company is halting all new business in the country, and will not broadcast its channels, license content from Russian entities, or release movies or games there.
Disney, Warner Bros, and Sony Music have also suspended upcoming cinema releases in Russia.
A survey by business intelligence company Morning Consult that found more than 75 percent of Americans believe corporations should cut business ties with Russia over its invasion of Ukraine.
Yale professor Jeffrey Sonnenfeld and his research team at the Yale Chief Executive Leadership Institute have compiled a list of businesses that have chosen to stay open in Russia and those that have shut up shop.
The list is updated daily and the number of businesses that have shuttered operations in Russia has risen from 280 to 300 in one day.
