Finnish food manufacturer Fazer has announced that it intends to stop operations in Russia, the company said in a statement on Sunday.

“We see no other alternative but to terminate our operations in Russia. Russia’s invasion of Ukraine is a hostile act with tragic consequences for the entire region. We had to take into account a lot of stakeholders and serious consequences, so we were not able to get out of the situation as quickly as we would like. We worked and moved as quickly as possible, taking into account the risks and threats,” the message quotes Christoph Vitzthum, CEO of the Fazer Group of companies.

The company operates in the bakery business in Moscow and St. Petersburg, which employs about 2,300 people. In 2021, the turnover in Russia amounted to about 157 million euros, or 13% of the turnover of the Fazer Group.

As reported on March 4, Fazer has already stopped all exports and suspended investments in Russia.

Fazer Group is a Finnish family company founded in 1891, the basis of the business is the production of bakery, confectionery, biscuit and grain products. Fazer operates in eight countries and exports products to 40 countries.