Nestlé Weighs Options as Kremlin Places its Russian Business Under State Control
Nestlé said on Friday that it is evaluating its options following the Kremlin's decision to place the Swiss food company's business in Russia under state control.
The maker of Nescafé coffee and KitKat chocolate stated that it had taken note of the decision, which was announced in a presidential decree on Thursday, noting that it is currently assessing the situation.
"Nestlé is committed to taking all necessary steps to protect its rights and ensure the continuity of its business operations in the best interests of all stakeholders, particularly its employees," the company added in a statement.
Losses Exceeding $107 Billion
The Russian war in Ukraine and the ensuing Western sanctions have resulted in losses exceeding $107 billion for foreign companies that have exited the Russian market, according to a Reuters analysis conducted in March 2024 based on company filings and data.