In a surprise move, global food giant Nestle joined the global boycott against Russia. The company announced that it will pull its brands out of Russian markets. This includes its popular KitKat chocolate bars, Nesquik chocolate drinks, and Nesvita cereals.
Nestle Joins Global Boycott After Zelensky Calls Out Company
Nestle decided to join the global boycott against Russia after Ukrainian president Volodymyr Zelensky called out the company.
He said that the world’s biggest food company is not living up to its “Good Food, Good Life” motto. Last year, Nestle sold over $1.82 billion worth of products in Russia alone.
However, the mounting pressure to join the global boycott against Moscow made the company decide to forego these profits this year.
5 Cryptos Set To Soar For 2022 Expert reveals the strongest cryptocurrency investments for 2022 (NOT Dogecoin...)
Previously, Nestle already stopped non-essential imports and exports to Russia. The company also stopped all advertising and capital investments.
Despite the global boycott that halted the sales of almost all its products, Nestle will continue to provide basic items to Russians. This includes milk, baby formula, and baby food.
In addition, the company also promised to forego profits from any sales by donating them to humanitarian organizations.
In a statement, Nestle emphasized that it does not expect to make a profit in Russia. Also, it will not pay any related taxes for the foreseeable future.
Nestle Joins 400+ Companies in Global Boycott of Russia
Nestle joins more than 400 companies that withdrew their products from the Russian market. Since the country invaded Ukraine on February 24, it faced a slew of economic sanctions and boycotts.
In return, these companies had to abandon their manufacturing facilities and distribution centers in Russia.
However, Nestle promised to continue paying its workforce of 7.000 employees. The company has six factories that produce local products, including ready-to-eat meals, beverages, and pet food.
At the same time, the company also said it stands in solidarity with Ukraine and its 5,800 workers there.
How to Diversify Your Savings in Uncertain Times With GOLD: With interest rate hikes, geopolitical unrest, increasing national debt, and inflation on the rise, there is no time like the present to protect the purchasing power of your savings with precious metals.
If you're looking to live the dream life that you deserve, Click Here Now!
“Good Food, Good Life”
Zelensky earlier called out Nestle for continuing to operate in Russia. He said that the company is not living up to its “Good Food, Good Life” slogan.
The beleaguered Ukrainian president is making the rounds online, calling on global leaders and major companies to join a global boycott against Russia.
To justify its invasion of Ukraine, President Vladimir Putin said that Russian troops are there to help “demilitarize” and “denazify” the country.
However, Ukraine and Western countries denounced his actions and said that this was unprovoked aggression.
Russian President Vladimir Putin sent his troops into Ukraine on what he calls a “special military
Nestle Criticized Over Past Insensitivity to Global Boycotts
Meanwhile, many experts expressed surprise that Nestle finally decided to join the global boycott against Russia.
Previously, the company received heavy criticism from governments and activist groups for ignoring calls for support. Nestle famously ignored calls for a boycott of South Africa over its apartheid policy.
For the current conflict, Ukrainian politicians and hackers from the Anonymous group were calling for a boycott of all Nestle products.
Nestle is also notorious for its somewhat controversial marketing practice. For example, the company was in the middle of a PR firestorm for actively pushing infant formula to new mothers in Africa.
Many recipients of the formula had to mix it with unclean water. The cost also forced some mothers to dilute the mixture to make it last longer.
The company also got embroiled in another issue in the 1990s when they sold local bottled water in poorer countries. The low cost removed any inclination for local governments to invest in their water supply systems.
Watch the Reuters news video reporting that Nestle suspends KitKat and Nesquik in Russia:
What do you think about Nestle’s surprising decision to join the global boycott against Russia? Knowing Nestle’s long history of shady marketing practices, do you still buy Nestle products?
Let us know what you think. Share your comments below.