Nestle suspends capital investment in Russia -Breaking
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© Reuters. FILEPHOTO: This logo is taken during the 152nd Annual Meeting of Nestle held in Lausanne Switzerland, April 11, 2019. REUTERS/Denis BalibouseRicha Naidu and Maytaal Angel
LONDON, (Reuters) –Nestle, world’s biggest packaged food company, announced Wednesday that it has suspended capital investments in Russia after the invasion of Ukraine.
It follows similar decisions by other major food companies based in Switzerland, who are feeling pressured to speak out against the conflict.
Procter & Gamble (NYSE:) and Unilever (NYSE:) said this week they were ending new capital investment in Russia and no longer advertising in the country. Unilever suspended imports to and exports from Russia.
Nestle had previously indicated that Russia was off its radar. But, Nestle told Reuters the company would still supply Russia essential foods products. It is following a similar path to major food corporations.
The top five largest global consumer goods corporations have fallen short of some oil and gas companies, financial service firms and retailers who have entirely withdrawn from Russia. These companies claim that Russians depend on their products every day.
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