The US-based Colgate-Palmolive has suspended the importation and sales of all its products barring essential health and hygiene products in Russia in response to the country's invasion of Ukraine.
An official statement issued by Colgate-Palmolive CEO Noel Wallace said that the company has also ceased all capital investments, media, advertising and promotional activities in Russia.
"Many of you have also asked about our operations in Russia. We have suspended the importation and sales of all products other than essential health and hygiene products for everyday use. We also have ceased all capital investments, media, advertising and promotional activities. Going forward, we will continue to assess the situation to take actions in a way that aligns with our values and reflects our commitment to Colgate people and the communities where they live and work," said the statement.
Earlier, the US beverage giants PepsiCo and Coca-Cola along with fast food major McDonald's and coffeehouse chain Starbucks had announced the suspension, temporarily, of their businesses in Russia.
Further, credit card and payment giants Mastercard and Visa announced that they were suspending operations in Russia and that their cards issued by Russian banks will no longer work outside the country
The slew of sanctions and suspensions of businesses came following Russia's invasion of Ukraine after recognizing the Ukrainian breakaway regions of Donetsk and Luhansk as independent republics.
However, Russia continues to maintain that it started the "military operations" in Ukraine to save the residents of eastern Ukraine and "demilitarise" and "denazify" the political leadership of the country.
( With inputs from ANI )
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