© Reuters. FILE PHOTO: A logo is drawn during the 152nd Annual General Meeting of Nestle in Lausanne, Switzerland on April 11, 2019. REUTERS / Denis Balibouse
By Maytaal Angel and Richa Naidu
LONDON (Reuters) – Nestle, the world’s largest packaged food group, said on Wednesday it had suspended all capital investments in Russia following its invasion of Ukraine.
The decision by the Swiss-based company follows similar moves by other food experts, who are under pressure from consumers to take a stance against the conflict.
Procter & Gamble (NYSE:) and Unilever (NYSE:) said this week that they have ended new capital investments in Russia and no longer advertise in the country. Unilever has suspended all imports and exports of products into and out of the country.
Nestle, which previously said it had stopped all advertising in Russia, told Reuters it would continue to supply essential food products in Russia, following a similar line with other food experts.
The world’s largest consumer goods companies have lagged behind, with some financial services companies, oil and gas companies and retailers pulling out of Russia altogether. They assume that Russians rely on their products for everyday life.
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