Burger King, Western Union, and Goldman Sachs the latest to leave Russia

Goldman Sachs, Western Union, and Burger King become the latest names to cut ties with Russia

The exodus of big-name brands from Russia and Belarus has continued today, Thursday, March 10. Fast-food restaurant chain Burger King has followed McDonald’s in quitting the region. In the past 24 hours, Pizza Hut, KFC, and Papa John’s, have also either closed or are limiting their operations in the region.

Restaurant Brands International chain, Burger King’s Parent company, said that all marketing, investment, or expansion in Russia will be halted. It will stop support for its 800 franchised restaurants, but any independently-owned Burger Kings can continue operating, minus all advertising or supplies provided by the parent company.

Nintendo and Sony are halting all product shipments, while food giants Mondeleze International, and Nestle are pulling all their investment. After international pressure, several tobacco groups are said to be scaling back their operations.

 Goldman Sachs Inc becomes the first big Wall Street bank to exit the region. It has offices in Moscow. The move is more symbolic, as their investment in Russia is minimal, but it is hoped that their action will pressurise the other big firms to join the boycott.

In a statement, the company said, “Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements”.

Western Union, in a statement, said,  “We also have engaged in extensive dialogue with a wide variety of stakeholders in an earnest effort to arrive at the right decision regarding our services in Russia and Belarus”.

Adding, “We have thoroughly evaluated internal and external considerations, including the consequences for our valued teammates, partners, and customers. Ultimately, in light of the ongoing tragic impact of Russia’s prolonged assault on Ukraine, we have arrived at the decision to suspend our operations in Russia and Belarus”, as reported by dailymail.co.uk.

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