PepsiCo Inc explores options for its Russian business, says report

PepsiCo Inc is exploring options for its Russian business, including writing off the value of the division, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

However, the company is reluctant to shut down its Russian unit due to its production of daily essentials like milk and baby formula, according to the WSJ report.

PepsiCo did not respond to Reuters request for comment.

Political pressure is building on Western companies to halt business in Russia following the country's invasion of Ukraine.

Earlier on Tuesday, McDonald's Corp said it would temporarily close all 847 of its restaurants in Russia.

Pepsi was one of the few Western products allowed in the Soviet Union prior to its collapse. The company has two production plants and sells snacks and beverages in the country, according to its most recent annual report for 2021.