Mondelez International, the Chicago-based multinational behind Cadbury, Oreo, and Trident, has doubled down on its decision to keep operating in Russia despite the invasion of Ukraine. CEO Dirk Van de Put told investors the company made the "right decision" to stay put in a market where Mondelez generates roughly 3.5 percent of global revenue.
Van de Put's stance puts Mondelez at odds with hundreds of Western corporations that exited Russia after February 2022. PepsiCo, Coca-Cola, and McDonald's all pulled out. Mondelez instead maintained operations, citing humanitarian concerns for its workforce and supply chains serving the local population.
The company has faced sustained pressure from Ukrainian officials and advocacy groups to leave. Last year, Mondelez faced backlash over its Oreo and Cadbury sales in Russian stores. The firm also owned Milka chocolate and Bahlsen crackers in the region. Van de Put framed remaining as balancing business interests with moral responsibility.
Mondelez's Russia strategy reflects a broader corporate calculus. The company generates revenue from Russia, but staying also risks reputational damage and potential sanctions exposure. Van de Put's public defense suggests internal confidence the decision will hold, at least for now.
The comments come as some Western companies that exited Russia face write-downs and lost market share. Mondelez's gamble keeps it operational in a market worth billions despite international isolation of Moscow's economy. Whether this positions the company as pragmatic or complicit remains a point of contention among investors, activists, and policymakers watching corporate accountability in geopolitics.