London, Wednesday, 09 March 2022
Yum Brands Inc, the parent firm of KFC and Pizza Hut, announced on Tuesday that it was suspending investment and restaurant operations in Russia, with all revenues going to humanitarian initiatives.
According to UN figures, a growing number of Western companies have backed out of Russia due to fears about the country's war with Ukraine, which has driven 2 million people to escape the country.
Yum! Brands, based in Kentucky, has joined other western companies such as McDonald's, Starbucks, Coca-Cola, and PepsiCo in suspending business in Russia due to the country's conflict with Ukraine.
In Russia, Yum owns at least 1,000 KFC and 50 Pizza Hut restaurants.
"Among the Yum! Brands Foundation's humanitarian activities is a $1 million donation to the Red Cross to assist individuals affected by the catastrophe," it said.
"As usual, we are concerned on the safety of our people in the region, and we will continue to support our teams in Ukraine while analysing how Yum! Brands can have a positive effect in the region," says the company.
(Written and edited by: The Decision Maker)