INTERNATIONAL COMPANIES CONTINUE TO LEAVE RUSSIA

Wed 18 May 2022:

As the Ukraine-Russia conflict enters its fourth month, the number of companies that have suspended or stopped doing business in Russia has increased.

Because of the war it began in Ukraine, Russia has become the world’s most sanctioned country, with the scope of the sanctions growing all the time.

In industries like finance, energy, transportation, media, technology, vehicles, sports, and trade, the number of sanctions against the country has surpassed 10,000.

Since Moscow began its war on Ukraine, over 100 Western corporations have departed or ceased operations in Russia, affecting at least 14 important industries.

US tech companies Apple and IBM, software firms Microsoft and Oracle, and chipmakers Intel and AMD are among the major firms that abandoned the country following the imposition of Western sanctions.

Germany’s Mercedes-Benz, BMW, and Volkswagen and Japan’s Honda, Toyota, and Mazda are just a few of the global carmakers that left a hole in Russia’s auto industry.

Despite its vast crude oil and natural gas reserves, Russia has seen its partnerships going sour with various energy companies around the world, such as the US’ ExxonMobil, Royal Dutch Shell, Britain’s BP, Norway’s Equinor, and Germany’s E.ON.

Shipping firms stopping operations in Russia include FedEx, UPS, and DHL, while German industrial giant Siemens and Swedish furniture juggernaut IKEA did the same.

Finance is another Russian sector hit hard by sanctions and companies leaving or suspending their operations, such as Visa and Mastercard, global banks like HSBC and Deutsche Bank, and US investment firms Goldman Sachs and JPMorgan.

The BBC and CNN left Russia’s foreign media, while Adidas, Nike, Gucci, and the Spanish-based Mango left the retail clothes and shoe industry chevalier.

The withdrawal of Disney, Warner Bros., Netflix, Nokia, and TikTok from Russia’s telecommunications and entertainment sectors had a significant influence.

For the first time since the Cold War, popular food and beverage companies such as McDonald’s and Coca-Cola have left the country, depriving the population of some of their favorite Western flavors.

NEWS AGENCIES

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