List of companies leaving Russia: Boeing suspends support for Russian airlines, Exxon suspends oil project; Ikea, Disney dial back

0
192
An increasing number of international companies, including Apple, Disney and Ford, are canceling operations in Russia due to its invasion of Ukraine.

On Tuesday, Exxon announced it was abandoning its latest Russian project, while Boeing said it had suspended major operations in Moscow.

Other global energy players, including BP and Shell, have also moved away. And entertainment studios like Disney and the parent company CNN WarnerMedia have stopped producing movies in the country.

Russia is trying to stop the outcome, a new control over capital was announced this week. According to state media on Tuesday, Prime Minister Mikhail Mishustin said Western companies were making decisions because of “political pressure” and would not sell Russian assets until it subsided.

MORE: Live updates of Russia and Ukraine

Meanwhile, countries around the world are imposing sanctions on Russia, in recent days new measures have been announced by the European Union, the United States, Britain, Japan, Switzerland and Australia.

Here are the latest major corporate ads.

Cars

On Tuesday, Ford announced it was suspending operations in Russia. The American automaker owns a 50% stake in the Ford Sollers joint venture, which employs at least 4,000 people and is jointly with the Russian company Sollers.

Earlier on Tuesday, Ford said it was “deeply concerned about the situation in Ukraine,” but did not go so far as to suspend operations in three Russian cities where the company has plants: St. Petersburg, Yelabuga and Naberezhnye Chelny.

The company notes that in recent years it has “significantly curtailed” its Russian activities and has a “strong contingent of Ukrainian citizens working for Ford around the world.”

General Motors said on Friday it was suspending all exports to the country “until further notice.”

WATCH: Take a look at Putin’s closest circle of oligarchs

GM does not have a significant presence there: according to the representative, it sells only about 3,000 cars a year through 16 dealerships. This is with more than 6 million cars that the Detroit automaker sells worldwide each year.

Toyota announced on Thursday that it will stop making cars in Russia or importing them into the country “until further notice due to supply chain disruptions.”

“Like everyone else in the world, Toyota is concerned about the safety of the people of Ukraine with great concern for the development of events in Ukraine and hopes for a safe return to peace as soon as possible,” – said in a statement.

Volkswagen stops producing cars in Russia and immediately suspends exports to the Russian market.

“The Volkswagen Group has received the news of the war in Ukraine with great anxiety and shock,” the automaker said on Thursday. “This decision concerns Russian production sites in Kaluga and Nizhny Novgorod.”

Aviation

Boeing said on Tuesday it was suspending support for Russian airlines.

A company spokesman confirmed that it was “suspending spare parts services, maintenance and technical support for Russian airlines” and “suspending major operations in Moscow and temporarily closing our office in Kiev.”

“As the conflict continues, our teams are focused on ensuring the safety of our teammates in the region,” the spokesman added.

MORE: Do sanctions harm Russia? As the West tightens financial sanctions for invading Ukraine

Airbus followed Boeing with a similar move on Wednesday. In a statement, the airline said it had “suspended services to support Russian airlines, as well as supplies of spare parts to the country.”

Great technology

Apple has stopped selling its products in Russia, the company said on Tuesday.

A statement from the company said it was “deeply concerned” by the Russian invasion. In response, he also moved to restrict access to digital services such as Apple Pay, within Russia, and limited the availability of Russian state media applications outside the country.

The father of Facebook Meta said on Monday that it would block access to Russian news agencies RT and Sputnik across the European Union.

The move came after “requests from a number of governments and the EU to take further action against Russia’s state-run media,” Nick Clegg, the company’s vice president of global affairs, tweeted.

Meta also said it had applied algorithmic restrictions to Russian state media that should prevent them from appearing in user feeds.

Similarly, Twitter announced plans to “reduce the visibility and enhance” content of Russian state media.

Netflix also said Monday that it refuses to broadcast Russian state-run TV channels in the country – something the streamer would have to do under Russian law starting this week.

“Given the current situation, we do not plan to add these channels to our service,” – said in the company CNN Business.

WATCH: What you need to know about Russian President Vladimir Putin

Spotify said on Wednesday that it had closed its office in Russia “indefinitely” and restricted shows “owned and operated by Russian state media.” The streaming service has removed all content from RT and Sputnik in Europe and other regions, a company spokesman said.

“We are deeply shocked and saddened by the unprovoked attack on Ukraine,” the spokesman added. “Our top priority last week was the safety of our employees and ensuring that Spotify continues to be an important source of global and regional news at a time when access to information is more important than ever.”

Roku, a company that sells equipment that allows users to stream content over the Internet, has banned RT worldwide.

YouTube, owned by Google, said last weekend that it had blocked Russian state media in Ukraine, including RT. The video platform also said it “will significantly limit the recommendations for these channels”.

Google and YouTube have also said they will no longer allow Russian state media to advertise or monetize their content.

Energy

BP said on Sunday it plans to leave its stake in 19.75% of Russia’s largest oil company Rosneft and their joint ventures, making it one of Russia’s largest foreign investments.

Equinor will also start leaving its joint ventures in Russia, the Norwegian oil and gas company announced on Monday.

“We are all deeply concerned about the invasion of Ukraine, which is a terrible failure for the world,” said Director General Anders Apedal.

The company said it had $ 1.2 billion in long-term investment in Russia by the end of 2021. It has been operating in Russia for more than 30 years and has a cooperation agreement with Rosneft.

Exxon promised on Tuesday to leave its latest oil and gas project in Russia and not to invest in new developments in the country.

MORE: Why is Russia invading Ukraine? Countries share a complex history

Sakhalin-1 is “one of the largest international direct investments in Russia,” according to the project’s website. Subsidiary Exxon owns 30% of the shares, while Rosneft also owns a stake.

Coming out of this project, Exxon would have stopped more than a quarter of a century of business in Russia.

Shell is also leaving Russia and abandoning its joint ventures with Gazprom, including participation in the dying Nord Stream-2 gas pipeline.

The UK-based oil company said Monday it would drop its stake in the liquefied natural gas facility, its stake in a field development project in Western Siberia and its interest in exploring the Gidan Peninsula in northwestern Siberia.

“We are shocked by the loss of life in Ukraine, which we regret as a result of a senseless act of military aggression that threatens European security,” Shell Director-General Ben van Bearden said in a statement.

TotalEnergies on Tuesday also condemned Russia’s actions and said it would no longer provide capital for new projects in the country.

The French oil giant has been doing business in Russia for 25 years and recently helped launch a major liquefied natural gas project off the coast of Siberia.

Finance

Norway’s $ 1.3 trillion sovereign wealth fund will sell shares in 47 Russian companies as well as Russian government bonds, the Norwegian prime minister said on Sunday.

Mastercard announced on Monday that as a result of anti-Russian sanctions, it has “blocked several financial institutions” in its network and “will continue to work with regulators in the coming days.”

Visa also said Tuesday that it is taking steps to maintain measures as they develop.

Media and entertainment

DirecTV is severing ties with the Russian-backed RT network, notorious for promoting the agenda of Russian President Vladimir Putin.

A spokesman for the U.S. satellite operator told CNN Business on Tuesday that it was already considering extending a transportation agreement that was due to expire later this year. According to the representative, Russia’s war against Ukraine hastened this decision.

Disney is also suspending the rental of its cinematic films in Russia, citing the “unprovoked invasion of Ukraine.”

In the coming months, the entertainment giant has released several films for Russian distribution. This includes the Marvel film “Doctor Strange in the Multiverse of Madness” on May 5 and “Light Year” by Pixar on June 16.

“We will make future business decisions based on the evolving situation,” a Disney spokesman said.

MORE: 1 million refugees have fled Ukraine since the start of the fighting, according to the UN

WarnerMedia said Monday it is suspending the release of Batman in Russia.

The film is expected to be one of the biggest blockbusters of the year and will be released in most countries by Warner Bros., which, like CNN, is a division of WarnerMedia.

A company spokesman said the decision was made “in light of the humanitarian crisis in Ukraine” and that the company hopes “for a speedy and peaceful solution to this tragedy.”

Retail

H&M will suspend all sales in Russia, announced on Wednesday.

A statement from the company said it was “deeply concerned about the tragic developments in Ukraine and is speaking with all those who are suffering.”

The clothing giant’s stores in Ukraine are already closed for security reasons.

As of November last year, H&M Group, which manages a number of brands, had 168 stores in Russia, the website reports.

MAP: places of famous Russian military strikes and ground attacks

Ikea, the world’s largest furniture company, is closing its 17 stores in Russia. The company said the conflict had “a huge impact on people” and “leads to serious disruptions in the supply chain and trade conditions.” In addition to suspending retail trade and production in Russia, he will suspend all trade with the country and its ally, Belarus.

Ikea has said 15,000 workers will be directly affected by the shutdown in the region. The company will continue to pay them for at least some time.

Delivery

Maersk and MSC Mediterranean Shipping Company stop booking goods with Russia.

“As the sanctions directly and indirectly affect the stability and security of our operations, Maersk’s new bookings to and from Russia will be temporarily suspended, except for food, medical and humanitarian supplies,” the Danish company said in a statement. statement on tuesday.

“We are deeply concerned about how the crisis continues to escalate in Ukraine,” the company added.

MSC, a Swiss container line, said its own suspension began on Tuesday and would include “all access zones, including the Baltics, the Black Sea and Russia’s Far East.”

___

Rishi Iyengar, Michelle To, Chris Isidore, Vanessa Yurkevich, Paul P. Murphy, Mark Thompson, Vasco Cotavio, Peter Valdes-Dopena, Frank Palota, Brian Fung, Oliver Darcy, Jordan Valinsky, Chris Liakas and Pamela contributed to this report.

___

Walt Disney Co. is the parent company of this station.

___

The-CNN-Wire © & © 2022 Cable News Network, Inc., WarnerMedia. All rights reserved.



List of companies leaving Russia: Boeing suspends support for Russian airlines, Exxon suspends oil project; Ikea, Disney dial back

Source link List of companies leaving Russia: Boeing suspends support for Russian airlines, Exxon suspends oil project; Ikea, Disney dial back