Iconic U.S. brands Coca-Cola, Pepsi and McDonald's suspend business in Russia

PepsiCo and Coca-Cola on Tuesday said they were suspending business in Russia after that country's invasion of Ukraine, joining McDonald's, Starbucks and host of other U.S. corporations.

"Our hearts are with the people who are enduring unconscionable effects from these tragic events in Ukraine," Coke said in a brief statement Tuesday afternoon. "We will continue to monitor and assess the situation as circumstances evolve."

Like McDonald's, Coke had been under pressure to stop operating in Russia in recent days. However, the market represents one of the few regions worldwide where rival PepsiCo has a larger presence.

Earlier on Tuesday, both McDonald's and Starbucks announced that their Russian restaurants would temporarily close. Of the two restaurant companies, McDonald's has a larger presence in the country and receives a higher percentage of its global revenue from those sales. Starbucks also said that all of its Russian business activity is suspended, including shipping its products.

Since the Russian invasion of Crimea in 2014, many U.S. companies have looked to reduce their exposure in both Russia and Ukraine.

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