Home New loan Nestlé suspends brands in Russia, ING Group ends new funding

Nestlé suspends brands in Russia, ING Group ends new funding


Nestlé announced on Wednesday it would halt the sale of several non-essential products, including KitKat chocolate bars and Nesquik chocolate mix in Russia, in an unprecedented move amid pressure on the world’s largest consumer goods company after criticism of Ukrainian President Volodymyr Zelenskyy.

Nestlé shares were down 1.3% at 12:36 GMT, after hitting a session low shortly after the news.

ING Grop NV said it would no longer fund new oil and gas projects, its energy chief said, becoming the largest bank yet to take such a step in the fight against climate change .

The Dutch financial services company’s move increases pressure on its peers to respond to the International Energy Agency’s (IEA) call for a halt to funding new fossil fuel projects in order to limit global warming to a maximum of 1.5 degrees Celsius.

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor