American coffee chain Starbucks said on Monday that it was pulling out of Russia and would no longer have a brand presence in the country. According to the company’s memo to employees, it will close its 130 stores in Russia.

With Kiev’s defenses unraveling, the narrative surrounding the country’s leader has suddenly changed in Western media By Glenn Diesen, Professor at the University of South-Eastern Norway and an editor at the Russia in Global Affairs journal. Follow him on Twitter @glenndiesen.

The central bank had previously hiked rates at five successive meetings over a six-month period Russia’s central bank left its key interest rate unaltered at 16% at its scheduled meeting on Friday, saying that tight monetary policy will be necessary to return stubborn inflation back to target levels.