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Nestlé Suspends Capital Investment In Russia

Nestlé the world's largest packaged food group, said on Wednesday it had suspended all capital investment in Russia following its invasion of Ukraine.

The Switzerland-based company's decision follows similar moves by other food majors, which are under pressure from consumers to take a stand against the conflict.

Other Consumer Goods Companies React 

Procter & Gamble and Unilever noted this week they were ending new capital investment in Russia and no longer advertising in the country.

Unilever has suspended all imports and exports of products into and out of the country.

PepsiCo Inc, Coca-Cola Co and Starbucks Corp also stopped sales of their best-known products in Russia.

Nestlé, which previously highlighted it had stopped all advertising in Russia, told Reuters it would continue supplying essential food products in Russia, taking a similar line to other food majors.

Companies Withdraw

McDonald’s noted that it would go on paying salaries to its 62,000 employees in Russia as it closed 847 restaurants.

The first location to open in Russia, in central Moscow’s Pushkin Square in 1990, became a symbol of flourishing American capitalism as the Soviet Union fell.

The Starbucks Corporation is temporarily closing hundreds of stores.

Some Companies Withdraw From Russia

The world's biggest consumer goods companies have lagged some financial services firms, oil and gas companies and retailers that have withdrawn entirely from Russia.

They argue Russians rely on their products for everyday life.

News by Reuters, edited by Donna Ahern, Checkout. For more A-brand stories, click here. Click subscribe to sign up for the Checkout print edition.

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