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3 sin companies leaving Russia for its war on Ukraine

·Anchor, Editor-at-Large
·2 min read
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Beer and cigs may be harder to come by in Russia.

Corporate America and a growing number of multinational companies have joined in protest of Moscow’s military attack on Ukraine, moving to sever business dealings with Russia or take a stand in support for Ukrainian refugees.

Some top names on this list include Starbucks, McDonald's, Yum! Brands and JPMorgan.

More recently, sellers of sin have weighed in at long last.

Here are three sin companies — known by investors as businesses that operate in alcohol, tobacco or gambling — that have pulled out of Russia in the past week citing its war on Ukraine.

Philip Morris International

The cigarette maker said it has suspended planned investments in Russia and has scaled down its manufacturing operations in the country. Philip Morris (PM) added it has discontinued certain products in Russia and canceled key product launches.

“Our focus and all our efforts over the last four weeks have been to ensure the safety and security of our Ukrainian colleagues. We stand in solidarity with the innocent men, women and children who are suffering,” said Philip Morris CEO Jacek Olczak. “We employ more than 3,200 people in Russia. We continue to support them, including paying their salaries, and we will continue to fulfill our legal obligations. We will continue to make decisions with their safety and security as a priority.”

Russia comprised about 10% of total shipment volumes for Philip Morris in 2021 and around 6% of net revenues.

Heineken

Beer maker Heineken has decided to leave Russia following a review of its operations in the country.

"We are shocked and deeply saddened to watch the war in Ukraine continue to unfold and intensify," Heineken said.

MOSCOW, RUSSIA - 2022/03/10: Heineken beer on a supermarket shelf in Moscow.
The Dutch brewing concern Heineken suspends the production and sale of beer under the Heineken brand in Russia. (Photo by Alexander Sayganov/SOPA Images/LightRocket via Getty Images)
MOSCOW, RUSSIA - 2022/03/10: Heineken beer on a supermarket shelf in Moscow. The Dutch brewing concern Heineken suspends the production and sale of beer under the Heineken brand in Russia. (Photo by Alexander Sayganov/SOPA Images/LightRocket via Getty Images)

The company will incur an almost $440 million impairment charge on its Russian operations.

Carlsberg

Fellow alcohol maker Carlsberg will join Heineken in exiting Russia, leaving behind 8,400 employees.

"The war in Ukraine, and the escalating humanitarian and refugee crisis, shocks us all. We continue to strongly condemn the Russian invasion, which has led to so much loss of life, devastation and human tragedy," Carlsberg said.

The business hauled in about $959 million for Carlsberg in 2021.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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