Starbucks is the latest company to leave the market in Russia, joining companies like Exxon Mobil and British American Tobacco.
Coffee giant Starbucks will no longer have a brand presence in Russia. Starbucks has 130 locations in the country, which make up less than 1% of the company's annual revenue. The Seattle-based company doesn't operate them.
Starbucks will pay its Russian workers for six months and help them transition to new opportunities outside of the coffee chain.
Consumers and investors pressured Starbucks to cut ties with Russia in order to show their opposition to the war in Ukraine. Starbucks has stopped doing business in the country since March 8. The cafes were temporarily closed and Starbucks products were shipped.
The financial impact of the suspension of business operations was not disclosed in the company's latest quarterly results. Kevin Johnson promised to donate royalties from the Russian business to humanitarian causes.
McDonald's has been in Russia for over 30 years and it was a bigger financial blow.
The suspension of its Russian and Ukrainian operations cost it $127 million in the first quarter. 9% of its revenue was accounted for by the two markets. Most of the restaurants in Russia were operated by the company.
McDonald's announced on Thursday that it would be selling those locations to a franchisee who would run them under a new brand.
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