Coca-Cola joins McDonald’s and Starbucks in suspending business in Russia

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Coca-Cola Co. KO, -3.96% said Tuesday it was suspending its business in Russia following the lead of several companies that have suspended activity because of the invasion of Ukraine. “Our hearts are with the people who are enduring unconscionable effects from these tragic events in Ukraine,” Coca-Cola said in a statement. “We will continue to monitor and assess the situation as circumstances evolve.” On Tuesday, PepsiCo Inc. PEP, -2.82% said it was exploring options for its business in Russia. Coca-Cola shares were down 3.5% heading into the close, while Pepsi shares were down 2.3%.

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