Nestle suspends capital investment in Russia
Reuters
Published Mar 09, 2022 07:29AM ET
Updated Mar 09, 2022 09:50AM ET
By Maytaal Angel and Richa Naidu
LONDON (Reuters) -Nestle, the world's largest packaged food group, said on Wednesday it had suspended all capital investment in Russia following its invasion of Ukraine.
The Switzerland-based company's decision follows similar moves by other food majors, which are under pressure from consumers to take a stand against the conflict.
Procter & Gamble (NYSE:PG) and Unilever (NYSE:UL) said this week they were ending new capital investment in Russia and no longer advertising in the country. Unilever has suspended all imports and exports of products into and out of the country.
Nestle, which previously said it had stopped all advertising in Russia, told Reuters it would continue supplying essential food products in Russia, taking a similar line to other food majors.
The world's biggest consumer goods companies have lagged some financial services firms, oil and gas companies and retailers that have withdrawn entirely from Russia. They argue Russians rely on their products for everyday life.
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Written By: Reuters
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