Last month, Russia’s invasion of Ukraine was denounced by the outside world and was condemned by all major countries, and some actors also showed solidarity with Ukraine through various channels. At the same time, many companies have announced sanctions against Russia and suspended their local economic activities in Russia, including Burberry, IKEA, Disney, and so on.
Nestle, it was recently reported, had also joined the sanctions, suspending the majority of its products to Russia and cancelling investment plans.
In a speech in Switzerland, the president of Ukraine criticised Nestle and other companies for maintaining business relations with Russia under the slogan “Good Food, Good Life” while Ukrainian children continue to die. In addition, people in Switzerland recently held up signs saying “Boycott Nestle” to protest Nestle’s failure to impose sanctions on Russia. As a result, Nestle announced that it would suspend the import and investment programmes for some products and would only provide basic nutritional food.
Nestle said the company has stopped importing and exporting non-essential products to Russia, including Kitkat, Nesquik, and other products based on chocolate treats. Now, Nestle will only provide basic food items to Russia, such as basic nutrition, medical supplies, baby supplies, etc.
Nestle stressed, “We are with Ukraine and with the 5,800 employees there (Russia) and will continue to pay Russian employees.”
Nestle’s share price reportedly fell 1.3% after it announced the suspension of its products in Russia.
