Moscow: Coca-Cola Co (KO.N) and PepsiCo Inc (PEP.O) have suspended their business in Russia.

Coca-Cola Company stated that "Our hearts are with the people who are enduring unconscionable effects from these tragic events in Ukraine."

Following the Russian invasion of Ukraine, the company has taken a decision to suspend its business in Russia.  

Coca-Cola Co and Pepsi Co Inc,  high-profile Western consumer brands to curtail operations in the region following Moscow's invasion of Ukraine.

Coca-Cola said its business in Russia and Ukraine contributed about 1% to 2% of the company's net operating revenue in 2021.

PepsiCo, whose colas were one of the few Western products allowed in the Soviet Union prior to its collapse, said it would continue to sell daily essentials, such as milk and other dairy offerings, baby formula and baby food, in Russia, Reuters reported.

Mc Donald's closes its restaurants in Russia: Earlier in the day, McDonald's Corp (MCD.N) said it would temporarily close all 847 of its restaurants in Russia.

Mc Donald's Corporation has announced that it will temporarily close all 847 of its restaurants in Russia including its iconic Pushkin Square location, increasing pressure on other global brands to pause operations in the country following Moscow's invasion of Ukraine.

The closure of the McDonald's restaurants will also carry symbolic importance in Russia, where the first location to open, in central Moscow in 1990, became a symbol of flourishing American capitalism as the Soviet Union fell.