Connect with us

Hi, what are you looking for?

Europe

Starbucks set to leave Russian market

American coffee giant Starbucks is leaving Russia after 15 years in the country, the company announced in a statement Monday.

While Starbucks announced at the beginning of March it would pause its operations and stop shipments of its products to Russia, it now has decided “to exit and no longer have a brand presence in the market,” the statement reads, without saying when the move will become effective.

As a result of leaving the Russian market, 130 stores will shut down. The company said it will continue to pay its 2,000 employees for six more months, and will assist them in looking for other jobs.

The move comes a week after McDonald’s announced that it would exit Russia completely, and was seeking to sell its 850 shops.

Brands have been under pressure to cease their operations in Russia, with calls for boycotts of companies that still operate there. Sanctions from Western governments also made it more difficult to keep doing business. Some companies announced they are exiting the Russian market in increments, including McDonald’s, French carmaker Renault, and oil company Shell.

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

Europe

Kyiv is summoning Turkey’s ambassador to Ukraine after Ankara released the Zhibek Zholy cargo ship with “stolen” Ukrainian grain Wednesday evening, Ukraine’s Ministry of...

Europe

In this ongoing project, POLITICO is hosting a sort of digital diary following Ukrainian refugees across Europe as they adjust to lives forever changed...

Industrial Policy

LIÈGE, Belgium — What if the pushchair you bought on a marketplace has no brakes — or if your air fryer catches fire while...

Europe

MADRID — Spain wants the EU to revive its perpetually dormant migration talks after Madrid secured a related NATO pledge last week.  During an...

Foreign Policy

BERLIN — Western countries are willing to safeguard Ukraine’s future existence with security guarantees but they can’t amount to a similar level of protection...

Europe

One in 10 people around the world faced hunger in 2021, according to a U.N. report released on Wednesday. The report, produced jointly by...

Europe

City Minister John Glen resigned today from the government in a major blow to the U.K.’s planned financial services reforms after Brexit. Glen, who...

Energy

EU lawmakers Wednesday voted in favor of a European Commission proposal to allow nuclear and natural gas-fired power plants to be marketed as sustainable...