Will Pepsi’s Business In Russia Ever Be The Same?

Following Moscow’s invasion of Ukraine, multinational companies have withdrawn from Russia in staggering numbers. More than 700 U.S. companies have scaled back, suspended or exited their Russia business including Starbucks, McDonalds and Pepsi. Russia is Pepsi’s second-largest international market after Mexico. The company generated $3.4 billion in Russia in 2021, about 4% of its $79 billion in revenue. What led to Pepsi’s decision, and how likely is it for the soft-drink maker to resume normal operations after the conflict is no longer in the spotlight?