Coca-Cola joins McDonald's in suspending business in Russia amid Ukraine invasion

'We will continue to monitor and assess the situation as circumstances evolve', Coca-Cola said

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The Coca-Cola Company has announced that it is suspending its business in Russia.

The company said: "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.

This comes as McDonald’s said it is temporarily closing all of its 850 restaurants in Russia in response to the country’s invasion of Ukraine.

The burger giant said it will continue paying its 62,000 employees in Russia, but in an open letter to employees, McDonald’s president and CEO Chris Kempckinski said closing the stores is the right thing to do because McDonald’s can’t ignore the “needless human suffering in Ukraine”.

McDonald’s owns 84% of its Russian restaurants.

In a recent financial filing, the company said Russia and Ukraine contributed 9% of the company’s revenue last year.