Here are the companies withdrawing from Russia | Economy

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A growing number of international companies, including Apple, disney and Fordslow down their operations in Russia on its invasion of ukraine.

On Tuesday, Exxon announced that it abandoned its last Russian project, while Boeing you saidthat he had suspended major operations in Moscow.

Other global energy players, including BP and Shell, have also distanced themselves. And entertainment studios, like WarnerMedia, the parent company of Disney and CNN, have stopped releasing movies the country.

Russia tried to stop the exodus, with new capital controls announced this week. According to the country’s state media on Tuesday, Prime Minister Mikhail Mishustin said Western companies were making decisions due to “political pressure” and would be barred from selling Russian assets until things calmed down.

Meanwhile, countries around the world have imposed punishments against Russia, with new measures from the European Union, the United States, the United Kingdom, JapanSwitzerland and Australia unveiled in recent days.

Here’s a look at the latest major company announcements.

Cars

Ford announced on Tuesday that he was to suspend its activities in Russia. The American automaker has a 50% stake in Ford Sollers, a joint venture that employs at least 4,000 people and is shared with Russian company Sollers.

Ford had said earlier on Tuesday that it was “deeply concerned about the situation in Ukraine”, but had stopped short of halting operations in the three Russian cities where the company has factories: Saint Petersburg, Elabuga and Naberezhnye Chelny.

The company notes that it has “significantly reduced” its Russian operations in recent years and has “a strong contingent of Ukrainian nationals working at Ford around the world.”

General Engines noted on Friday that it was suspending all exports to the country “until further notice”.

GM doesn’t have a significant presence there: It sells only about 3,000 vehicles a year through 16 dealerships, according to a spokesperson. The Detroit-based automaker sells over 6 million vehicles worldwide each year.

Aviation

Boeing said on Tuesday that it would suspend support for Russian airlines.

A spokesperson for the company confirmed that it was suspending “parts, maintenance and technical support services for Russian airlines” and had also “suspended major operations in Moscow and temporarily closed our office in Kyiv”. .

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

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

Big tech

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

The company said in a statement that it was “deeply concerned” about the Russian invasion. In response, it also decided to limit access to digital services, such as Apple Pay, inside Russia, and restricted the availability of Russian state media apps outside the country.

Facebook-parent Meta said on Monday that he would block access to Russian media RT and Sputnik across the European Union.

The move comes after receiving “requests from a number of governments and the EU to take further action regarding Russian state-controlled media,” wrote Nick Clegg, vice president of global affairs at the company, in a tweet.

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

Twitter also announced plans to “reduce the visibility and amplification” of Russian state media content.

netflix also said on Monday that it was refuse to broadcast Russian state TV channels in the country – something the streamer would have been required to do by Russian law starting this week.

“Given the current situation, we have no plans to add these channels to our service,” the company told CNN Business.

Rokua company that sells hardware that allows users to stream content over the Internet, also Rod RT in Europe.

Youtube, who belongs to geagle, said over the weekend that he had blocked Russian state media in Ukraine, including RT. The video platform also said it would “significantly limit recommendations to these channels.”

Google and YouTube also said they would no longer allow Russian state media to run ads or monetize their content.

Energy

BP said on Sunday that it plans to exit its 19.75% stake in Russia’s biggest oil company, Rosneft, and their joint ventures, which is one of the biggest foreign investments in Russia.

Equine will also begin exiting its joint ventures in Russia, the Norwegian oil and gas company said on Monday.

“We are all deeply disturbed by the invasion of Ukraine, which represents a terrible setback for the world,” CEO Anders Opedal said.

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

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

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

Leaving this project would end Exxon’s more than a quarter century of continuous business presence in Russia.

Shell is also get out of Russia and abandoning its joint ventures with Gazprom, including its involvement with the moribund North Flow 2 natural gas pipeline.

The UK-based oil company said on Monday it would divest its stake in a liquefied natural gas facility, its stake in a field development project in Western Siberia and its stake in an exploration project in the peninsula of Gydan, in northwestern Siberia.

“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.

TotalEnergies Tuesday also condemned the actions of Russia and noted it would no longer provide capital for new projects in the country.

The French oil giant has been active in Russia for 25 years and recently helped launch a major liquefied natural gas project on the Siberian coast.

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 announcement on Monday that he had “blocked several financial institutions” from his network following anti-Russian sanctions, and that he would “continue to work with regulators in the days to come”.

Visa also said on Tuesday that it was taking steps to comply with the measures as they evolve.

Media and Entertainment

Direc TV East cut ties with RT, the Russian-backed television channel infamous for promoting Russian President Vladimir Putin’s agenda.

A spokesperson for the U.S. satellite carrier told CNN Business on Tuesday that it has already considered whether to renew the outlet’s carrier agreement, which was set to expire later this year. Russia’s war against Ukraine accelerated his decision, according to the representative.

disney is also to suspend the release of his theatrical films in Russia, citing “the unprovoked invasion of Ukraine”.

The entertainment giant had planned to release several films in Russia in the coming months. That includes Marvel’s “Doctor Strange in the Multiverse of Madness” on May 5 and Pixar’s “Lightyear” on June 16.

“We will make future business decisions based on how the situation develops,” a Disney spokesperson said.

Warner Media noted Monday that he would pause the release of “The 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 unit of WarnerMedia.

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

Shipping

Maersk and Shipping company MSC Mediterranean are both stop freight bookings with Russia.

“As the stability and security of our operations are already directly and indirectly affected by the sanctions, new Maersk bookings to and from Russia will be temporarily suspended, with the exception of food, medical and humanitarian supplies,” said the Denmark-based company 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-owned container shipping company, said its own suspension began on Tuesday and would include “all access areas, including the Baltic, the Black Sea and the Russian Far East”.

— Michelle Toh, Chris Isidore, Vanessa Yurkevich, Paul P. Murphy, Mark Thompson, Vasco Cotovio, Peter Valdes-Dapena, Frank Pallotta, Brian Fung, Oliver Darcy, Jordan Valinsky and Chris Liakos contributed to this report.

The-CNN-Wire

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