Nestle SA has significantly scaled back its activity in Russia and isn’t making a profit in the country, the company said over the weekend.
Ukrainian President Volodymyr Zelensky last week took aim at the Swiss food major and other international companies that continued to operate in Russia following Moscow’s invasion of Ukraine.
“We have stopped all imports and exports from Russia, except for essential products,” Nestle said. “The fact that we, like other food companies, supply the population with important food does not mean that we simply continue as before.”
The company also said it has suspended investments and advertising in the country.
Nestle is one of the few active food companies in Ukraine, it said.