The U.S.-based Coca-Cola Company has announced that it is suspending its business in Russia due to the situation in Ukraine.

"The Coca-Cola Company announced today that it is suspending its business in Russia," the company said in a statement on its website. The statement did not say what measures exactly this envisions.

"Our hearts are with the people who are enduring unconscionable effects from these tragic events in Ukraine. We will continue to monitor and assess the situation as circumstances evolve," it said.

Coca-Cola HBC owns 10 plants in Russia that produce soft drinks and juices.