Coca-Cola officially leaving Russia

Bottler Coca-Cola HBC AG and its existing customers in Russia are "in the process of depleting stock," Report informs referring to Reuters.

Once the stock is depleted, Zug, Switzerland-based Coca-Cola HBC, an independent company, will "no longer produce or sell Coca-Cola or other brands of the Coca-Cola Company in Russia," Atlanta-based Coca-Cola said.

Coca-Cola HBC in May said it was evaluating all options for the Russian market and said it stopped placing orders for concentrate on March 8. The company, which has 10 production sites in Russia, said it would focus on local brands.

Coca-Cola in March joined an exodus of US companies leaving Russia after its invasion of neighboring Ukraine in February. Coca-Cola HBC at that time said it was working in close alignment with Coke on the implementation of its decision.