Corporate actions to condemn Russia after the invasion of Ukraine have varied widely and include some measures required by law and some voluntary, comments ranging from harsh condemnation to more measured promises to review business in the country. Are included.
Here are some actions taken by large multi-national companies:
leaving russia
Energy companies led by BP, oyster And Exxon Mobil is pledging to sell a stake in Russia and exit the country. Austrian oil company OMV is set to back away from Russia, saying it will take an estimated 1.5-1.8 billion euro hit as it seeks to distance itself from the country.
among many others, AccentureWith 2,300 employees in Russia, it said it would close the business and Mercedes-Benz Group said it plans to spin off its stake in Russia’s KAMAZ.
suspended services
Boeing has cut sales and support for the plane, saying it will and will comply with US sanctions. Washington’s export rules were changed to specifically lock down on technology that could be used by the military, affecting a broader segment of the industry, such as PC maker Dell Technologies, which stopped sales to Russia. Done. Russia has banned Western Airlines from Russian space.
US payments firms Visa Inc. and Mastercard Inc. said they were suspending operations in Russia over the invasion of Ukraine, and they would work to halt all transactions with customers and partners.
United Parcel Service Inc. and FedEx Corp., the world’s two largest logistics companies, have halted delivery services to Russia and Ukraine.
Travel booking software provider Saber Corp said it has terminated its distribution agreement with Aeroflot, hurting the Russian flag carrier’s ability to sell tickets.
closed and open stores
Car companies including clothing retailers H&M, GM and BMW, as well as spirits maker Diageo and motorcycle maker Harley Davidson, are among global companies not selling. Most are not exporting goods to Russia, which would complicate the decision of shipping companies to abandon Russian service. Swedish furniture retailers Nike and IKEA, along with a chain in Russia, are temporarily closing their stores.
Spanish fashion retailer Inditex, owner Jaras The brand also said that it has ceased business in Russia, closed 502 of its shops and stopped online sales. Milan-based luxury conglomerate Prada has suspended its retail operations in Russia.
In contrast, restaurants Burger King and Papa John’s underlined that the restaurants that flew their flags in Russia were owned by local businesses. “We have no plans to ask independent franchisees that own and operate Papa John’s stores in Russia to close their stores,” the pizza maker said.
stalled production
Ford has ceased operations, but its joint venture partner still has a factory in the country. Several other automakers, including France’s Renault and Japan’s Toyota Motor Corp, have described the closure of local manufacturing, with some noting supply shortages.
harsh words
Several major global brands are using seldom-heard corporate language that explicitly blames Russia for attacking Ukraine. Apple and Ford used very similar language to describe the deep concern about an invasion of Russia. Occidental Petroleum Chief Executive Vicki Holub Comments made a day after the attack called the attack “insane and inhumane”.
shock action
Oil company BP’s decision to sell out of Russia for $25 billion was a blow to an industry that has worked so closely with Russia. The condemnation by Apple and Disney was unusual.
at the edges
Many commodity traders like Kargil are not saying much. Large consumer brands include Nestle, Procter & Gamble, Pepsi and Oreo-cookie maker Mondelez, which have yet to comment on the status of their operations in Russia.
McDonald’s Corp., which has 847 restaurants in Russia, of which 84% are company-owned, has not commented on its operations.
Here are some actions taken by large multi-national companies:
leaving russia
Energy companies led by BP, oyster And Exxon Mobil is pledging to sell a stake in Russia and exit the country. Austrian oil company OMV is set to back away from Russia, saying it will take an estimated 1.5-1.8 billion euro hit as it seeks to distance itself from the country.
among many others, AccentureWith 2,300 employees in Russia, it said it would close the business and Mercedes-Benz Group said it plans to spin off its stake in Russia’s KAMAZ.
suspended services
Boeing has cut sales and support for the plane, saying it will and will comply with US sanctions. Washington’s export rules were changed to specifically lock down on technology that could be used by the military, affecting a broader segment of the industry, such as PC maker Dell Technologies, which stopped sales to Russia. Done. Russia has banned Western Airlines from Russian space.
US payments firms Visa Inc. and Mastercard Inc. said they were suspending operations in Russia over the invasion of Ukraine, and they would work to halt all transactions with customers and partners.
United Parcel Service Inc. and FedEx Corp., the world’s two largest logistics companies, have halted delivery services to Russia and Ukraine.
Travel booking software provider Saber Corp said it has terminated its distribution agreement with Aeroflot, hurting the Russian flag carrier’s ability to sell tickets.
closed and open stores
Car companies including clothing retailers H&M, GM and BMW, as well as spirits maker Diageo and motorcycle maker Harley Davidson, are among global companies not selling. Most are not exporting goods to Russia, which would complicate the decision of shipping companies to abandon Russian service. Swedish furniture retailers Nike and IKEA, along with a chain in Russia, are temporarily closing their stores.
Spanish fashion retailer Inditex, owner Jaras The brand also said that it has ceased business in Russia, closed 502 of its shops and stopped online sales. Milan-based luxury conglomerate Prada has suspended its retail operations in Russia.
In contrast, restaurants Burger King and Papa John’s underlined that the restaurants that flew their flags in Russia were owned by local businesses. “We have no plans to ask independent franchisees that own and operate Papa John’s stores in Russia to close their stores,” the pizza maker said.
stalled production
Ford has ceased operations, but its joint venture partner still has a factory in the country. Several other automakers, including France’s Renault and Japan’s Toyota Motor Corp, have described the closure of local manufacturing, with some noting supply shortages.
harsh words
Several major global brands are using seldom-heard corporate language that explicitly blames Russia for attacking Ukraine. Apple and Ford used very similar language to describe the deep concern about an invasion of Russia. Occidental Petroleum Chief Executive Vicki Holub Comments made a day after the attack called the attack “insane and inhumane”.
shock action
Oil company BP’s decision to sell out of Russia for $25 billion was a blow to an industry that has worked so closely with Russia. The condemnation by Apple and Disney was unusual.
at the edges
Many commodity traders like Kargil are not saying much. Large consumer brands include Nestle, Procter & Gamble, Pepsi and Oreo-cookie maker Mondelez, which have yet to comment on the status of their operations in Russia.
McDonald’s Corp., which has 847 restaurants in Russia, of which 84% are company-owned, has not commented on its operations.