Coca-Cola allowed a complete withdrawal from the Russian market
The American beverage manufacturer Coca-Cola, which owns the Coca-Cola, Sprite and Fanta brands, may completely leave the Russian market, declared CEO James Quincey during The Wall Street Journal’s event for General Courts.
According to him, the company’s business in the country “will completely disappear at some point” if the fighting in Ukraine drags on. At the same time, Quincy questioned the influence of companies like Coca-Cola on government decisions, including in Russia. “Symbolism [таких шагов] important, but it won’t be the deciding factor,” Quincy said.
Coca-Cola on March 8 announced the suspension of activities in Russia. Later, the product distributor, Coca-Cola HBC Russia, announced that it plans to increase prices for its range by a third. On the same day as Coca-Cola, PepsiCo announced the suspension of sales of Pepsi-Cola, 7up and Mirinda drinks, as well as investments and advertising activities in Russian jurisdiction.
At the same time, PepsiCo continues to sell essential products in Russia, including dairy products, infant formula and baby food. In this way, the company supports its 20,000 employees in Russia and 40,000 farm development workers in its supply chain in the country.