Coca-Cola, Pepsi, Starbucks Suspend Business in Russia

PepsiCo, Coca-Cola and Starbucks suspended business in Russia after that country’s invasion of Ukraine.

Yale Professor Jeffrey Sonnenfeld made a public list of U.S. companies that have withdrawn from Russia following President Vladimir Putin’s invasion. Until Tuesday afternoon, Coke was among the most recognizable names on the spreadsheet.

“Our hearts are with the people who are enduring unconscionable effects from these tragic events in Ukraine,” Coke said in a brief statement. “We will continue to monitor and assess the situation as circumstances evolve.”

On the other hand, Pepsi generates roughly 4% of its annual revenue in Russia, though it is not halting all business in the country. The company pointed out that it will keep selling some essential products, like baby formula, milk and baby food.

However, it will suspend Russian sales of its Pepsi-Cola, 7UP and Mirinda brands, along with capital investments and all advertising and promotional activities.

“As a food and beverage company, now more than ever we must stay true to the humanitarian aspect of our business,” Pepsi CEO Ramon Laguarta wrote in a memo to employees viewed by CNBC.

In like manner, Starbucks affirmed that it would suspend all Russian business activity, including the shipment of its products.