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McDonald’s, Pepsi, others should consider pausing Russia operations -NY pension fund -Breaking

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© Reuters. McDonald’s logo is shown in McDonald’s Corp.’s fourth quarter earnings. This was reported by McDonald’s Corp. in Arlington, Virginia U.S.A, January 27, 2022. REUTERS/Joshua Roberts

Hilary Russ

NEW YORK (Reuters) – Global brands such as McDonald’s Corp. (NYSE:), PepsiCo. (NASDAQ:) Inc. and The Estee Lauder (NYSE:) Cos Inc. should suspend operations in Russia. The New York state pension fund chief, wrote letters to several businesses on Friday.

The letter was also received by other companies Mondelez International Inc (NASDAQ:), Fortinet (NASDAQ:) Inc. Kimberly-Clark Corp. (NYSE:). Bunge (NYSE) Ltd, Coty, (NYSE:) Inc., Alnylam Pharmaceuticals Inc. and Trimble Inc.

Russia’s invasion of Ukraine is causing political pressure on companies, and some sanctions making it difficult to do business there. Many large companies, such as sneaker producer Nike, have said that they are stopping. Nike (NYSE:) IKEA, a home furnishing company.

Thomas DiNapoli, New York State Comptroller, wrote to companies urging them to examine their Russian businesses. He said they were facing “significant and growing legal and compliance, operation, human rights, personnel and reputational risk” and that the fund oversees $280 billion of state pension funds. The company shares are owned by DiNapoli.

According to the letter, a stoppage or a cessation of operations in Russia “would address many investment risks associated the Russian market” and also play an important role condemning Russia’s role as a fundamentally weakening the international order vital to sustaining a healthy and strong global economy.

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