It raised the pressure for businesses around the world to take a stand on the conflict between Russia and Ukraine. Since president Joe Biden announced a series of sanctions on Russia after the president Vladimir Putin ordered the invasion on Ukrainian territory last month, companies have been pulling out of Russia.
Goldman Sachs was the latest and the first major American bank to “wind down its business” in the country. The decision was followed by JPMorgan Chase, the biggest bank in the US. The finance institutions joined a growing list that includes Apple, McDonald’s and Starbucks.
Retail
Most of the high-couture companies have closed their stores in Russia, such as LVMH (owner of brands such as Louis Vuitton and Dior), Hermès, Chanel, Prada. Fast-fashion brands also joined the list – H&M and the owner of Zara, Inditex, said they would temporarily freeze their sales in the country.
Puma, the beauty company Estée Lauder and the furniture retailer Ikea also joined the group.
While Adidas ended its sponsorship on the Russia soccer team – a day after FIFA suspended the country from the 2022 World Cup.
Food
Coca-Cola suspended its business in Russia, while its competitor Pepsi said that it would suspend sales on a few beverages and all its advertisements.
Major fast-food chains, such as McDonald’s, KFC, Pizza Hut and Burger King, closed their stores
Starbucks and Heineken also stopped their operations.
Entertainment
Netflix halted its service for Russians as well as future projects in the country. At the same time Disney and Warner Bros announced that they would not release any of their productions in Russia.
Finance
Along with Goldman Sachs and JPMorgan Chase, PayPal suspended its services.
Tech
Big techs like Apple and Microsoft announced they would pause their sales in Russia, while IBM suspended all business in the country.
Google suspended advertising, and YouTube announced that it would block any content related to the Russian state-funded media.
Airbnb also suspended its operation in the country.
Energy
Shell will exit its joint ventures with Gazprom, the Russian natural gas giant, as reported by the New York Times. And Exxon announced that it would discontinue its operations in a gas project, one of the largest single international direct investments in Russia, as reported by Business Insider.
Leave a Reply