Mondelez to separate Russia business by year-end
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Mondelez International (NASDAQ:MDLZ) is due to separate its Russia business by the close of 2023, per a company announcement on Thursday.

The company expressed its sympathy for Ukrainians impacted by Russiaâs invasion of the country and noted millions in donations made to those displaced by the conflict. While the company has highlighted its support of Ukraine, it has notably stopped short of a full pull-out of Russia, a strategy pursued by many competitors.

âIf we suspended our full operations, we would risk turning over our full operations to another party who could use the full proceeds for their own interests. It would mean cutting off part of the food supply for many families who have no say in the war. It would also create great uncertainty for our ~3,000 colleagues and more than 10,000 farmers who depend on us,â the company explained on Thursday. 

The statement comes as the company has faced stark criticism across Scandinavia for its continued operation in Russia. Despite the continued operation in the belligerent nation, Mondelez noted its footprint is shrinking.

âWe have scaled down our activities, discontinuing new capital investments, new product launches and our advertising media spending in Russia,â the company explained. âAs a result of these actions, we are selling significantly less products as our sales are now declining. This year, our overall volumes have declined double digits and both our import volumes and market share have significantly decreased.â

The company expects to see continued declines, with aims to separate the Russia business from overall international relations by the end of 2023.

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