Image credits: SamuelFrancisJohnson/Pixabay
Airspace closed, smartphone shipments paused, car manufacturers suspending their operations, media outlets blocked access, and oil companies cut their pipelines.
A growing number of international companies are pulling out of Russia over its invasion of Ukraine. And the list is getting bigger and bigger by the hour as foreign governments bring more sanctions against Russia.
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The invasion has hit Russia’s economy, crippling the Ruble. According to Aljazeera, the Russian Ruble plummeted to a record low against the Dollar to 119 per Dollar earlier this month.
However, Russia is trying to stop this mass exodus with new capital controls announced this week, reports CNN.
According to the country’s state media, Prime Minister Mikhail Mishustin said that Western companies were taking decisions because of “political pressure,” and would be prevented from selling Russian assets until that subsided.
Meanwhile, let’s have a look at all the US and European companies that have severed business ties with Russia so far.
Tech
Apple: The Cupertino tech giant Apple has stopped selling its products in Russia.
“We are deeply concerned about the Russian invasion of Ukraine and stand with all of the people who are suffering as a result of the violence,” Apple said in a statement. “We are supporting humanitarian efforts, providing aid for the unfolding refugee crisis, and doing all we can to support our teams in the region.”
Meta: Meta (previously Facebook) has announced that it would block access to Russian news outlets and Sputnik across the European Union.
Nick Clegg, Facebook’s VP of global affairs, in a tweet, says, “The move comes after receiving “requests from several governments and the EU to take further steps about Russian state controlled media.”
Twitter: The microblogging site also announced plans to “reduce the visibility and amplification” of Russian state media content, reports CNN.
Netflix: Netflix is suspending its service in Russia.
“Given the circumstances on the ground, we have decided to suspend our service in Russia,” Netflix spokesperson Emily Feingold said in a statement to The Verge.
Spotify: Spotify announced that it had closed its office in Russia indefinitely.
“We are deeply shocked and saddened by the unprovoked attack on Ukraine. Our first priority over the past week has been the safety of our employees and to ensure that Spotify continues to serve as an important source of global and regional news at a time when access to information is more important than ever.”
YouTube: YouTube, owned by Google, announced that it would block Russian channels from monetising videos.
“In light of extraordinary circumstances in Ukraine, we’re taking a number of actions,” a spokesperson for the Google subsidiary said in a statement Saturday.
“Our teams have started to pause the ability for certain channels to monetise on YouTube, including RT’s YouTube channels globally,” the spokesperson said.
Intel: Intel has stopped all shipments to Russia and Belarus.
Microsoft: Last week, the Redmond tech giant Microsoft said it is suspending the sales of its products and services in Russia.
DXC technology: DXC Technology which helps global companies run their mission-critical systems and operations has announced that it is exiting Russia.
“Based on the aggression from the Russian Government, we are no longer pursuing business in Russia and have committed to exiting this market. We have approximately 4,000 colleagues in Russia and are supporting them in this time of need. We continue to support and maintain rigorous compliance with all applicable sanctions levied against Russia,” it says in the blog.
Auto
Ford: Ford CEO Jim Farley announced that Ford is suspending its operations in Russia. With this move, the company has joined other automakers such as GM, Volvo, Harley-Davidson, and Daimler Truck.
“We at @Ford are deeply concerned about the invasion of Ukraine by Russia and the safety of the Ukrainian people. Effective immediately, Ford is suspending our limited operations in Russia and taking action to support the Global Giving Ukraine Relief Fund,” says Jim Farley.
Toyota: Toyota also announced that it would stop making cars at its St-Petersburg plant from 4 March, and has stopped imports of vehicles until further notice, due to supply chain disruptions.
“Like everyone around the world, Toyota is watching the ongoing developments in Ukraine with great concern for the safety of the people of Ukraine and hopes for a safe return to peace as soon as possible,” it said in a statement.
Volkswagen: The German automaker announced that it is stopping the production of vehicles in Russia and will suspend exports to the Russian market.
Aviation
Airbus and Boeing have unanimously agreed to halt the supply of components. Boeing said that it had suspended major operations in Russia, where it has research and engineering centres.
Media
Disney and Warner Bros are suspending the release of their theatrical films in Russia due to the unprovoked invasion of Ukraine.
Warner Bros has paused the release of “The Batman” in Russia.
Disney, on the other hand, has multiple releases, including Marvel’s “Doctor Strange in the Multiverse of Madness,” Pixar’s “Lightyear” and more.
Finance
Mastercard and Visa announced on Saturday that it is suspending its operations in Russia.
Mastercard in its official blog, says, “For more than a week, the world has watched the shocking and devastating events resulting from the Russian invasion of Ukraine. Our colleagues, our customers, and our partners have been affected in ways that most of us could not imagine.”
“It’s with all of this in mind – and noting the unprecedented nature of the current conflict and the uncertain economic environment – we have decided to suspend our network services in Russia.”
Visa in its official blog says, “Effective immediately, Visa will work with its clients and partners within Russia to cease all Visa transactions over the coming days. Once complete, all transactions initiated with Visa cards issued in Russia will no longer work outside the country and any Visa cards issued by financial institutions outside of Russia will no longer work within the Russian Federation.”
American Express: American Express in a statement on Sunday said that globally issued American Express cards will no longer work in Russia, and cards issued in Russia won’t work abroad. The company is ending its business operations in Belarus, too.
Accounting firm KPMG is also exiting its operations in Russia and Belarus.
“KPMG has over 4,500 people in Russia and Belarus, and ending our working relationship with them, many of whom have been a part of KPMG for many decades, is incredibly difficult,” the company said. “This decision is not about them — it is a consequence of the actions of the Russian Government. We are a purpose-led and values-driven organisation that believes in doing the right thing.”
Retail
Many retail giants including H&M, IKEA and Inditex (parent company of Zara) have paused their operations in Russia. Sports retailers like Nike, Puma and Adidas have also suspended their operations as of now.
Shipping
Maersk and MSC Mediterranean Shipping Company are halting cargo bookings with Russia, reports CNN.
Energy
BP, Shell, Equinor, and Exxon have announced that they are exiting Russia over the invasion of Ukraine. BP is planning to offload its 19.75 per cent stake in Russia’s oil company, Rosneft, and their joint ventures. Exxon, on the other hand, said it will not invest in new developments in the country.
As a part of the exit plan, Shell is abandoning its joint ventures with Gazprom, including its involvement with the Nord Stream 2 natural gas pipeline, as per CNN.
“We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression which threatens European security,” Shell CEO Ben van Beurden said in a statement.
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