Updated: Mar 10
Russia’s invasion of Ukraine has not been without economic consequences. This Tuesday, March 8, four major U.S. companies recognized around the world - Coca-Cola, Starbucks, Pepsi, and McDonald’s - all decided to suspend their business in Russia. These four giants are just the latest in an American business backlash against Putin’s Russia. Here’s a list by Jeffrey Sonnenfeld, a professor at Yale University that compiles a list of over 300 U.S. companies that have publicly suspended business with Russia.
This latest announcement comes on the same day that U.S. President, Joe Biden, announced a ban on U.S. imports of Russian oil. Russian citizens are feeling the consequences of the West’s economic hammer in multiple ways, including rising prices domestically, credit card issues, and even problems being stranded abroad due to airline disputes. Russians are not the only ones feeling the burden of these harsh economic sanctions, however. According to the automobile club, AAA, Americans are experiencing the highest gas prices since the 2008 financial crisis.