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17 Jun, 2022 09:13

Coca-Cola to stop production in Russia

The US multinational says it’s selling its remaining stock and pulling out of the Russian market
Coca-Cola to stop production in Russia

Coca-Cola has announced its formal withdrawal from the Russian market and that it is currently in the process of depleting stock in the country.

The company issued a statement on Thursday saying that it will “no longer produce or sell Coca-Cola or other brands of the Coca-Cola Company in Russia.”

The US soft-drinks giant had announced plans to suspend business in Russia in March, joining the exodus of other iconic Western brands, including McDonalds, amid sanctions over the conflict in Ukraine.

PepsiCo became another beverage producer that announced exit plans, suspending sales of Pepsi-Cola, 7up and Mirinda drinks in Russia. The company had been the first American brand to take root in the Soviet Union in 1974.

Coca-Cola currently operates 10 factories in Russia, producing soft drinks including Fanta, Sprite and Schweppes, along with local brands such as Bonaqua, Dobry, Moya Semya and Rich juice. The US firm has yet to clarify whether its Russia-based brands will be sold or terminated.

Coca-Cola began production in Russia in 1992 and according to its official site employs 7,000 people in the country.

For more stories on economy & finance visit RT's business section

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