Starbucks is suspending all business activity in Russia as Putin's forces continue their assault on Ukraine.
McDonald's said earlier on Tuesday that they would temporarily close their Russian restaurants. The burger chain faced criticism for not speaking out on the war.
Starbucks does not have a lot of exposure to the Russian and Ukrainian markets. According to Bank of America Securities, the company has 130 locations in Russia and Ukraine. The company doesn't operate any of the licensed cafes. Andrew Charles estimated that Starbucks had less than 1% of global revenue.
Kevin Johnson wrote in a letter that the company would provide support to its employees who live in Russia. The licensee of Starbucks will temporarily close its stores during the pause on business activity.
Johnson promised to donate royalties from its Russian business to humanitarian causes in Ukraine in a letter released Friday.
We condemn the unprovoked, unjust and horrific attacks on Ukraine by Russia, and our hearts go out to all those affected.
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