Procter & Gamble Co. is ending all new capital investments in Russia and "significantly reducing" its portfolio to focus on basic hygiene, health and personal care items, CEO Jon Moeller said in a letter to employees posted on its website on Monday.

Big investors such as New York State's pension fund are telling companies they should consider pausing operations in Russia as Russia invades neighboring Ukraine.

P&G, the maker of Tide detergent and Gillette razors, is also suspending all media, advertising and promotional activity, Moeller said in the post.