Mondelez, which produces such sweets as Milka and Oreo, has announced that it will have the Russian business stand-alone by the end of the year, the company announced in a statement.
Mondelez emphasized that it has been condemning Russia's brutal aggression against Ukraine since the beginning of the full-scale invasion and stressed that it has been helping the Ukrainian people financially.
"There are no easy decisions, but, like most other global food and beverage companies, we are continuing to provide food during these challenging times, focusing our operations in Russia on affordable, shelf-stable products that are daily staples for ordinary people," the statement said.
The company also added that it has already scaled down its activities in Russia, discontinued new capital investments, new product launches, and advertising media spending. As a result, fewer products are sold in Russia and sales continue to decline.
Scandinavian countries earlier began to boycott Mondelez products because of its business in Russia.
