Coca-Cola has announced it is suspending its business in Russia, joining a flood of US and European companies abandoning the nation following its invasion of Ukraine.
“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.â€
Coca-Cola has suspended its Russian business. Credit:Brendan Esposito
McDonald’s and Shell are among other big corporates to stop or suspend operations in Russia over the country’s war with Ukraine, with the list of companies now growing to more than 200.
But that list is not long enough, some experts say.
Bill Browder, a US-born financier who worked in Moscow for years before becoming one of Russian President Vladimir Putin regime’s most vocal foreign critics, has called on those Western companies still trading in Russia in the wake of its invasion of Ukraine to join the boycott.
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He says that while Russians were living in an information vacuum after Putin shut down all independent media, they would definitely be noticing that daily life has changed.
“Prices have gone up 50 per cent for everything because of the crash of the ruble,†he told Melbourne radio station 3AW.
“You can’t use your credit card, no MasterCard, no visa and American Express. You can’t watch Netflix, you can’t fly anywhere. You can’t get any imported goods. You can’t go to McDonald’s, you can’t do anything.
“This is probably the most significant economic blockade I’ve ever seen imposed on any country, ever.â€
Corporate giants to have severed ties with Russia in recent days include law firms and the big four accounting firms KPMG, EY, Deloitte and PwC.
with Bloomberg and The Telegraph
