Starbucks suspends business in Russia
A woman drinks coffee in a Starbucks in a mall in Khimki outside Moscow.
Alexander Natruskin | Russia
Starbucks is suspending all business activity in Russia as Vladimir Putin’s forces continue their nearly two-week-old invasion of Ukraine.
The announcement from the coffee chain comes after McDonald’s said earlier on Tuesday that it would temporarily close its restaurants in the country. The burger chain had faced criticism for staying silent on the war, given its large footprint in Russia.
Starbucks has much smaller exposure to the Russian and Ukrainian markets. The company has about 130 outlets in Russia and Ukraine, according to Bank of America Securities. They are all licensed locations, so the Seattle-based company itself doesn’t operate them. Cowen analyst Andrew Charles estimated that they account for less than 1% of Starbucks’ global revenue.
CEO Kevin Johnson wrote in a letter on Tuesday afternoon that the company would provide…
