Starbucks to exit Russia

The coffee chain giant will close 130 licensed cafes across the country
Starbucks to exit Russia

American coffee chain Starbucks said on Monday that it was pulling out of Russia and would no longer have a brand presence in the country.

According to the company's memo to employees, it will close its 130 stores in Russia.

The statement also said that Starbucks will continue to pay its nearly 2,000 Russian employees for six months and help them transition to new jobs.

On March 8, the company suspended all business activity in Russia due to Western sanctions. The halt included shipping all Starbucks products and temporarily shuttering cafes.

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