Coca Cola has decided to withdraw advertising from five Russian channels as a result of sanctions imposed on the country.
According to RBC, four of the channels – Rossiya, Ren TV, Channel Five and Domashnego – are backed by Yuri Kovalchuk and the Rossiya Bank, while the fifth – Zvezda (‘Star’) – belongs to the Ministry of Defence.
The budgets will now be allocated to federal services.
Although the move has ostensibly been made to reach Coca Cola’s target audience more effectively, local industry sources believe it is due to sanctions imposed on Russia by the US and EU.
Coca Cola spent R2.543 billion (€52.87 million) on advertising in Russia in 2013, with Ren TV accounting for 11% of the total.
