Which are the big companies pulling Out Of Russia?
After the Kremlin forces invaded Ukraine, Russia had multiple consequences for Putin’s expansion dreams.
The continued shelling to residential areas evacuated more than 1 million Ukrainians from their home.
Western allies responded with several economic sanctions to Russian oligarchs, Russia as a country, and Vladimir Putin.
Putin’s aggression hit Russia’s economy, crippling the ruble. However, several companies took action and decided to pull out from Russia.
Many big tech companies expressed support of Ukraine after the invasion. Many enterprised abandoned projects happening in Russia or stopped selling their articles.
Apple announced that it was stopping all sales of iPhones, MacBooks, and other Apple products to Russia.
Facebook, META, Twitter, Google, Get Alphabet Inc, and Netflix limited access to Russia. Netflix canceled TV shows and potential plans for new series. Meanwhile, Spotify closed its Moscow offices.
Volkswagen stopped its operations and production in Russia. The Kaluga and Nizhny Novgorod factories were put on hold until further notice.
General Motors, Ford, BMW, Volvo, and Mercedes-Benz stopped all exports into Russia.
Big planes manufacturer companies such as Boeing and Airbus suspended their building projects and the supply of parts and maintenance for their planes on Russian territory.
Exxon Mobil abandoned a $4 billion oil and gas project. Meanwhile, Shell ditched its stakes and left major gas projects in Siberia and the Gydan Peninsula.
Ikea stopped its operations in Russia and Belarus. Fashion giant H&M closed its stores and stopped new orders during the week.
Asos and Boohoo made similar moves.
UPS, DHL, and FedEx stopped their delivery service to Russia and Ukraine amid the invasion.
Sea mail delivery companies such as Maersk and MSC Mediterranean Shipping Company stopped cargo shipments to Russia.
Walt Disney Co said Monday it is pausing the release of theatrical films in Russia.
The WWE canceled its partnership with Russian broadcaster Match.
Source: Culled From Marca.