Eurasia Group president and author of The Power of the Crisis, Ian Bremmer, on the most likely economic consequences of Putin’s invasion of Ukraine.
Major global brands including McDonald’s Corp (MCD.N), PepsiCo Inc (PEP.O) and Estee Lauder Cos Inc. should consider suspending their operations in Russia, the head of the New York state pension fund wrote in letters to several companies on Friday.
McDonald’s Restaurant (iStock / iStock)
Other companies that received the letter were Mondelez International Inc, Fortinet Inc, Kimberly-Clark Corp, Bunge Ltd, Coty Inc, Alnylam Pharmaceuticals Inc. and Trimble Inc.
US FAST FOOD BRANDS ARE VULNERABLE FROM RUSSIA REJECTIONS BECAUSE OF UKRAINE CONFLICT
Neither company immediately responded to a request for comment.
Cans of Pepsi on display. (Denise Trussello/Getty Images for LARAS/Getty Images)
Political pressure on companies to stop doing business in Russia due to its invasion of Ukraine is mounting, and sanctions are making some operations more difficult. Some big companies have already said they will stop, including sneaker maker Nike and home furnishings firm IKEA. More
UKRAINE WAR IN RUSSIA CREATED ‘HUGE SUPPLY SHOCK’: WORLD BANK PRESIDENT
Nike merchandise is on display at Store SIX:02 at the refurbished Foot Locker flagship store in Manhattan, New York. (AP Photo/Mary Altaffer/AP Newsroom)
In the letters, New York State Comptroller Thomas DiNapoli urged companies to reconsider their business in Russia as they face “significant and growing legal, regulatory, operational, human and personnel rights, and reputational risks.” a pension fund that owns shares in companies.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
The suspension or cessation of operations in Russia “will remove various investment risks associated with the Russian market and will play an important role in condemning Russia’s role in fundamentally undermining the international order that is vital to a strong and healthy global economy,” the letter says.