McDonald’s, Coca-Cola and Starbucks are the latest companies to suspend their business in Russia following its invasion of Ukraine, with all three stating they will continue to pay their staffs wages in the area.
The golden arches company said it would temporarily be closing about 850 restaurants, as well as closing 108 restaurants in Ukraine.
Collectively, the two nations account for about 2% of the restaurant’s global sales.
Coca-Cola said it will suspend the sales of its drinks, with Russia accounting for roughly 2% of its operating profit.
It did, however, add that it will continue to sell the daily essential products that it offers, such as milk and baby food to “stay true to the humanitarian aspect” of the business, according to chief executive Ramon Laguarta in a statement.
Starbucks said it will stop all business activity in the country, closing 100 of its shops and ending shipments of its products.
The decision by the three companies to suspend trading came following intense global pressure and scrutiny to act over the war in Ukraine.
Anna MacDonald, a fund manager at Amati Global Investors told BBC Radio 4 that firms were pulling out of Russia due to continued business in the country impacting share prices, with shareholders and stakeholders unable to justify generating profits and revenues from the nation while the invasion was ongoing.
The three global brands join firms such as Netflix, Mothercare and Levi’s, which have all previously suspended services in the area.
One company, however, which has said it will continue business as usual is Burger King, although it did state it will redirect any profits made from its 800 franchised operations to humanitarian efforts.