March 9, 2022
A look at the day ahead in markets from Dhara Ranasinghe.
When McDonald’s opened in central Moscow’s Pushkin Square in 1990, it became a symbol of thriving American capitalism as the Soviet Union fell.
Now, news that McDonald’s, together with PepsiCo, Coca-Cola and Starbucks, have stopped sales in Russia, is a further sign of a new dividing line being drawn between East and West following Russia’s invasion of Ukraine.
Russia, meanwhile, warned on Wednesday it was working on a broad response to sanctions that would be swift and felt in the West’s most sensitive areas.
For some, the move by companies such as McDonald’s is overdue – after all a slew of major corporations had already cut ties with Russia as the West ramped up sanctions. Others argue such action can harm public opinion among Russians, suffering from the economic pain unleashed by the conflict.
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