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Coca-Cola, PepsiCo suspend Russia business

Coca-Cola and PepsiCo — two of the biggest beverage producers on the globe — are joining the largest fast-food chain in suspending business in Russia in the wake of that nation’s invasion of Ukraine.

Coca-Cola said its business in Russia and Ukraine contributed about 1% to 2% of the company’s net operating revenue in 2021.

PepsiCo, whose colas were one of the few Western products allowed in the Soviet Union prior to its collapse, said it would continue to sell daily essentials, such as milk and other dairy offerings, baby formula and baby food, in Russia, reports Reuters.

Earlier in the day, McDonald’s Corp (MCD.N) said it would temporarily close all 847 of its restaurants in Russia.