Switzerland based food and drink processing giant Nestle has announced that it is all set to halt the sales of a number of its non-essential products that include KitKat candy bars and Nesquik chocolate mix, in Russia. The move has been taken after the company faced a pressure from the top consumer goods company in the world and was also criticized by Volodymyr Zelenskyy the President of Ukraine. The effect was also seen as the shares of Nestle went down to 10.3 percent on March 23, 2022.
The statement from the company came as a surprise as the maker of Nescafe coffee is known for operating in war zones across the globe. A spokesperson from the company added that the production of such items would also be halted. It has been nearly a month since Russia marked its unprovoked invasion in Ukraine. During weekend, Zelenskyy called out the companies who continue to operate in Russia and said that Nestle is not keeping up to its ‘Good Food, Good Life’ slogan.
Before the comments from Zelenskyy, the company was already facing online criticism from activists, shoppers, political figures and investors. However, it has to be noticed that the company had earlier halted nonessential imports and exports from Russia. Nestle had also said that it has stopped all the advertising and suspended the capital investments while clarifying that it is not making any profits in Russia. The company also assured that they stand with the people of Ukraine and their 5,800 employees over there and added that they would continue to pay their workers in Russia.
On the other hand the Western companies that are operating in Russia for providing essential foods like food and medicine are trying to strike a balance between President Vladimir Putin’s government and activists from Ukraine. More than 400 companies have already withdrawn from Russia since they launched the attack in Ukraine on February 24, 2022. These companies were forced to leave behind assets worth hundreds of billions of dollars.
Photo Credits: Pixabay
