Coca-Cola and Pepsi are the most recent brands to quit Russia

Coca-Cola / Pepsi Stopped business in Russia for Ukraine Invasion.

The Coca-Cola Company and PepsiCo confirmed Tuesday that their operations in Russia have been suspended.

Following international criticism that the beverage company was still operating in Russia, Coca-Cola has decided to close its operations in Russia.

Due to the ongoing conflict between Russia and Ukraine, the company will stop operating. At the end of February, Russia invaded Ukraine.

"Our hearts are with the people of Ukraine who are suffering terrible consequences as a result of these tragic events," the statement says. "As things happen, we will continue to watch and assess the situation."

PepsiCo, which has been doing business in Russia for more than 60 years, "must be committed to the humanitarian component of our business," according to CEO Ramon Laguarta.

"The safety and security of our fellow Ukrainian associates is our top priority," Laguarta added. "We halted activities in Ukraine to allow our associates and their families to seek safety, and our specialist crisis teams in the sector and region continue to closely monitor developments in real-time."

According to the Wall Street Journal, Coca-Cola HBC licenses and imports concentrate from Coca-Cola Co. in Ireland, which represents 1-2 percent of Coke's global case volume, and bottles it in Russia.

According to an annual financial report, Russia led growth in Europe and the emerging market division last year. Coca-Cola HBC, a top-five bottler in the Coca-Cola global system, nearly doubled its operating profit from 2020 to $939 million last year, owing mostly to strong performance within Russia.

-ABC News' Will Gretsky