Coca-Cola, Starbucks And McDonald's Join Mass Exodus From Russia

(RTTNews) - Coca-Cola Company (KO) Tuesday announced that it is suspending its business in Russia. The beverage giant joined McDonald's and Starbucks as the latest American corporations to join the mass exodus from Russia, in the wake of Moscow's invasion of Ukraine.

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

Meanwhile, Starbucks CEO Kevin Johnson, in a statement, said, "We continue to watch the tragic events unfold and, today, we have decided to suspend all business activity in Russia, including shipment of all Starbucks products. Our licensed partner has agreed to immediately pause store operations and will provide support to the nearly 2,000 partners in Russia who depend on Starbucks for their livelihood."

In an email to employees and franchisees, McDonald's CEO Chris Kempczinski said, the company will temporarily close its 850 restaurants in Russia. However, it will continue to pay its 62,000 Russian employees, and its Ronald McDonald House Charities will continue to operate.

"In the thirty-plus years that McDonald's has operated in Russia, we've become an essential part of the 850 communities in which we operate." Kempczinski said. "At the same time, our values mean we cannot ignore the needless human suffering unfolding in Ukraine."