Starbucks to close its Russian business

According to Russian media outlet Sota Vision, Starbucks Corp is closing down its Russian legal entity Siren Coffee and will let its employees go over the next few months.

In early March, the company said it was suspending all business activities in Russia, including the shipment of its products and cafes run by a licensee, one of scores of Western brands that have paused operations in the wake of Russia sending tens of thousands of troops into Ukraine on February 24.

Starbucks' decision to liquidate its Russian business is different from the approach taken by some foreign companies exiting the market, including McDonald's and Renault, both of which announced sales to local partners last week.

On Monday, workers removed the Golden Arches sign from a McDonald's restaurant, as the first stage of a rebranding took place, in one of the most high-profile exits so far in opposition to what Russia calls its special operation in neighbouring Ukraine.