More global companies shun Russia as war intensifies in Ukraine
More and more global corporations are shunning Russian companies - Apple, Ford, Boeing are the latest in the slew of western companies who have boycotted Russia over the Ukraine invasion. Oil giants ExxonMobil, BP and Shell will also exit Russia as the chorus of condemnations grows louder.
More and more global corporations are shunning Russian companies - Apple, Ford, Boeing are the latest in the slew of western companies who have boycotted Russia over the Ukraine invasion. Oil giants ExxonMobil, BP and Shell will also exit Russia as the chorus of condemnations grows louder.
Fearing the impact of sanctions and the escalating military conflicts, several multinational companies are exiting the Russian economy. ExxonMobil has decided to discontinue operations at Sakhalin-1, which it operates on behalf of Indian, Japanese and Russian companies. Shell has already decided to exit all Russian operations. BP has decided to abandon a 20 percent stake in Rosneft and Equinor has decided to start divesting from its joint venture (JV) in Russia. Total has said, it is not looking to make further investments in Russia as well.
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Among financial institutions, Visa and Mastercard have started blocking multiple Russian financial institutions after the sanctions came into effect. HSBC has begun scaling down relations with Russian banks including the VTB Bank.
Also saw a casualty of sanctions - Russia’s largest lender has decided to exit the European market due to sanctions. This was after the lender experienced abnormal cash flows in its European subsidiaries.
Talking about major tech companies – Apple has decided to stop exports to Russia, Alphabet’s Google has decided to drop Russian state publishers from its news features.
Also Read: Metal prices to jump further if Russia-Ukraine talks make no headway, says Nirmal Bang Commodities
Several auto majors pulling out too. American carmaker Ford has decided to suspend operations in Russia.
Harley Davidson will not be exporting motorcycles to Russia anytime soon. Volvo Cars and trucks have suspended exports and Volkswagen and Renault are also scaling down operations.
There will also be a question mark on Sputnik’s export and manufacturing. This was after the US imposed sanctions on Sputnik maker the Russian Direct Investment Fund (RDIF). Russian vaccine has been authorized by 26 countries so far and what happens to the vaccines manufactured in India also remains to be seen. RDIF has tie-ups to seven Indian companies including the Serum Institute of India (SII), Gland Pharma, Hetero biopharma and Panacea Biotec as well.
Watch the accompanying video of CNBC-TV18’s Parikshit Luthra for more details.
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(Edited by : Abhishek Jha)
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