© Reuters. FILE PHOTO: Mondelez International logo and stock graph are seen displayed in this illustration picture taken July 26, 2021. Picture taken July 26, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) – Oreo-maker Mondelez (NASDAQ:) International said on Thursday it has scaled down operations in Russia and plans to make it a stand-alone business with a self-sufficient supply chain before the end of the year.
The Chicago-based snack maker, which has faced a widening corporate boycott in the Nordic region over its presence in Russia, said it has discontinued new capital investments, product launches and advertising media spending in the country.
“As a result of these actions…overall volumes have declined double digits and both our import volumes and market share have significantly decreased,” the company said in a statement.
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