Economic sanctions against Russia are increasing in protest against the attack on Ukraine. There was talk for several days that the US could ban the import of oil, natural gas, and coal from Russia, which the Biden administration has approved. Britain has also announced to phase out imports of oil and oil products from Russia by the end of this year.
Big preparation for the European Union
Along with the US and Britain, the European Union is also preparing to reduce its dependence on Russian gas by two-thirds by the end of this year. It is worth noting that Ukrainian President Volodymyr Zelensky, who has been hit by Russian attacks, had requested to cut Russian oil imports from Western countries including America. Talking about the big oil and gas companies, BP, Shell, and Aquanor have announced to end their activities after the escalation of war between Russia and Ukraine. Along with this, one after the other, many big companies have showered sanctions against Russia.
Now these companies stopped services
Significantly, Wednesday is the 14th day of the ongoing war between Russia and Ukraine. So far, many well-known companies including Apple, Google, Microsoft, Volvo, Mercedes have stopped their services in Russia. Now big names like McDonald's Pepsi, Coke, and Starbucks have also been added to this list of banned services. According to a report, McDonald's has announced the closure of 850 of its restaurants in Russia. Pepsi, Coke, and Starbucks have also taken tough measures to temporarily suspend all their services from there.
McDonald's president said this
McDonald's President and CEO Chris Kempczinski wrote an open letter to his employees saying that our values mean we cannot ignore the unnecessary human suffering facing Ukraine. He further said that it will temporarily close 850 stores, but will continue to pay its 62,000 employees in Russia, who have put their heart and soul into our McDonald's brand. Kempczinski said it's impossible to know when the company will be able to reopen its stores.
Learn what Coke said
Coca-Cola said in a statement that our hearts are with those who are suffering the effects of these tragic events in Ukraine. To contribute to the defense of humanity, we are temporarily suspending our business in Russia. However, Coke announced a partial closure of its business. Indeed, Coke's partner, Switzerland-based Coca-Cola Hellenic Bottling Company, has 10 bottling plants in Russia, its largest market. Coke holds a 21 percent stake in the Coca-Cola Hellenic Bottling Company.
PepsiCo-General Electric suspends services
PepsiCo and General Electric both announced the partial closure of their Russian businesses. Pepsi, based in Purchase, New York, said it would suspend sales of the beverage in Russia. Our company will also stop any capital investment and promotional activities.
Starbucks also closed business
Coffee chain Starbucks said on Tuesday it would halt its services in Russia. Starbucks has also taken this decision due to Russia's attack on Ukraine. Starbucks has over 130 stores in Russia. The firm said that we have decided to suspend all business activity in Russia, including shipments of all Starbucks products. Starbucks CEO Kevin Johnson wrote that its licensed partner has agreed to immediately cease operations of the store and will provide financial assistance to the nearly 2,000 partners in Russia who depend on Starbucks for their livelihoods.
Russia has given a big warning
Let us tell you that on Monday, Russian Deputy Prime Minister Alexander Novak warned that sanctions on Russian oil imports would have disastrous consequences, amid discussions with Western countries to consider more sanctions on Moscow during the war with Ukraine. . Nowak had said that the sanctions on Russian oil will cause panic in global markets and will lead to an unexpected rise in international crude oil prices. He said that the price of crude oil can also reach beyond $ 300 per barrel. Nowak said that it is impossible to substitute Russian oil in the European market. If this process is adopted, it will take more than a year and by then it will be too expensive for European consumers.
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