(Bloomberg) -- Coca-Cola Co. is suspending its business in Russia, joining a flood of U.S. and European companies abandoning the nation following its invasion of Ukraine.
“Our hearts are with the people who are enduring unconscionable effects from these tragic events in Ukraine,” the company said in a statement Tuesday. “We will continue to monitor and assess the situation as circumstances evolve.”
It didn't release further details about actions being taken. In a separate filing, the company said the impact of its action isn't yet clear, but that Russia and Ukraine represent about 1% of its consolidated net operating revenue and 2% of operating income.
See also: PepsiCo suspends soda sales in Russia; some operations continue
“Given the rapidly changing conditions in these markets, the company will continue to monitor and assess the situation as circumstances evolve,” Coca-Cola said. At the end of last year, the company owned about 21% of Coca-Cola HBC AG, which is its bottling and distribution partner in the region.
Coca-Cola joins McDonald's Corp., Starbucks Corp. and others in stepping back from Russia amid civilian deaths and a refugee crisis sparked by Russia's military action.
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