(RoyalPatriot.com )- Nestle is the latest big company to announce that it will end operations in Russia, confirming last week that the candy and food company will stop selling a huge range of its brands in Russia. Among products that will no longer be available to Russian customers are KitKat chocolate biscuit bars and Nesquik milkshakes.
Nestle, which is one of the biggest food companies in the world, made the decision to cease operations in Russia after Ukrainian President Volodymyr Zelenskyy criticized the company for not taking action. It means that products worth around $1.82 billion in sales last year will no longer be sold in the country – a huge hit on Nestle’s finances.
The Swiss firm had previously stopped the import and export of non-essential products to and from Russia and has already stopped advertising there. Nestle has since said that profits from Russia will be directed to Ukraine to assist with their efforts to defend against the Russian invaders.
Hundreds of Western companies that do business with Russia have faced intense pressure to cut ties with Russia even after helping provide food and other supplies to the people of Ukraine. Some Western brands have been more reluctant than others to give up their business in Russia – a market worth billions.
However, as the death and destruction in Ukraine gets worse – and as economic sanctions continue to hit Russia – it is getting harder and harder for businesses to continue trading with the country even if they wanted to.
At present, major Western firms Procter and Gamble, Nestle, PepsiCo, and Unilever are continuing to trade basic and essential items with Russia, including milk products and diapers.