32.1 C
Delhi
Thursday, September 29, 2022

Chinese Tycoon Richard Liu Faces Civil Trial in Alleged Rape

https://ift.tt/9Njovn1 Chinese billionaire, one of the richest...

Hurricane Ian Moves Across Florida After Powerful Landfall

https://ift.tt/ZAr1Bcl 2 million people were without power...

Hurricane Ian Swamps Southwest Florida

https://ift.tt/l8jmLQ5 Ian, one of the most powerful...

Nestle punishes Russia by banning Kit Kats

Company stops all non-essential food sales in the country

The world’s largest food manufacturer, Nestle, will stop selling non-essential products in Russia, including KitKat chocolate bars and Nesquik cocoa drinks, the Swiss company said in a statement on Wednesday. The products affected will also include pet food and coffee, making up the “vast majority of volume and sales” in Russia, which totalled $1.82 billion in 2021, a company spokesperson confirmed.

Nestle noted it will not slash activities in Russia completely, but it will only focus on basic products, such as baby food and medical nutrition, “and not on making a profit.

The company explained the move is a response to Russia’s ongoing military operation in Ukraine. The US and its allies are pressuring global firms to cut ties with the country. Ukrainian President Volodymyr Zelenskiy and a number of Ukrainian politicians recently criticized the firm for its continued presence in Russia, while hactivist group Anonymous called for a Nestle boycott. It remains unclear how barring chocolates and cat food will pressure Moscow stop the conflict in Ukraine.

Read more

FILE PHOTO. Mondelez International logo and Oreo cookies, September 25, 2021.
Global food giants to stop advertising and investing in Russia

Earlier this month, Nestle had halted deliveries of some non-essential products to Russia, ceasing investments and advertising campaigns in the country. The company said it will donate all profits from Russia to Ukrainian relief efforts.

Nestle has seven production sites in Russia, including confectionery factories, a pet food factory, baby food site and a coffee factory. The firm said it will continue to pay its roughly 7,000 Russian employees.

On March 11, US company Mars, which also makes confectionery goods and pet food, announced it will suspend activities in the country. Overall, some 400 companies have halted work in Russia since the start of the operation in Ukraine, including food, beverage, household chemicals and clothing manufacturers.

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

https://ift.tt/Hf24XYa 24, 2022 at 03:05PM
from RT – Daily news

Support Us

Secured by Paypal

Related Stories

Check out other tags:

Most Popular Articles