Nestle suspends capital investment in Russia over Ukraine invasion
Hundreds of companies have pulled out of Russia over Putin's invasion of Ukraine
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Nestle says it is suspending capital investment in Russia over its invasion of Ukraine, joining an increasingly long list of other companies that have either scaled back or ceased operations altogether over the conflict.
The Swiss company, which produces Nescafe and Kit Kat, told FOX Business it will continue supplying essential food products in the country.
A logo is pictured during the 152nd Annual General Meeting of Nestle in Lausanne, Switzerland April 11, 2019. (REUTERS/Denis Balibouse/File Photo)
"We continue to stand with the international community in calling for peace and a swift restoration of security and stability in the region," Nestle said in a statement provided to FOX Business. "We are working hard to help keep food available to the people, be it on store shelves or through donations of essential foods and beverages like baby food, cereals, soup and noodles to those in need."
Nestle said it has also halted all advertising in Russia.
Hundreds of companies, from McDonald’s to Coca-Cola and Starbucks, among many others, have said they would temporarily suspend operations in Russia over President Vladimir Putin’s invasion of Ukraine.
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Many companies have a long history of operating in Russia. PepsiCo, for instance, entered the Russian market in the early 1960s, at the height of the Cold War, and helped create common ground between the U.S. and the Soviet Union.
FILE PHOTO: People enter a McDonald's restaurant in Moscow, Russia April 24, 2018. (REUTERS/Tatyana Makeyeva/File Photo)
Nestle has three factories and around 5,000 employees in Ukraine. It temporarily closed down operations there last month after Russian troops invaded.
The company reopened its factories and warehouses last week to ensure essential food and drink deliveries in the war-torn country.
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"We are trying to reopen parts of the supply chain and distribute to retailers where it is safe to do so," a company spokesperson told Reuters.
The Associated Press contributed to this report.