U.S. confectionery and pet food company Mars Inc. is suspending new investment in Russia and halting advertising activity in the country, as well as in Belarus.

Mars has "decided to suspend all advertising in Russia and Belarus," CEO Grant Reid said in a statement posted on the company's website. "Furthermore, we have suspended new investments in Russia," he said.

Mars is one of the largest producers of food and pet food in Russia. The company has invested more than $2 billion in the Russian economy since 1991, building and modernizing ten factories that produce confectionery products, chewing gum, pet food, and cooking sauces.

The company's brand portfolio includes M&M's, Snickers, Orbit, Twix, Dolmio, Whiskas, Royal Canin and Sheba, among others.