All eyes are on Russia this week as the West’s growing docket of financial penalties deal a harder-than-expected blow to the country’s economy, challenging a decades-long effort by President Vladimir Putin to make the system sanction-proof.
To add to the economic blowback, Corporate America and a growing number of multinational companies have joined in protest of Moscow’s military attack on Ukraine, moving to sever business dealings with Russia or take a stand in support for Ukrainian refugees.
More penalizing announcements from multinational companies expected in the week ahead are likely to further derail the economic picture for Russia and the way of life for its citizens.
H&M Group
The Swedish retailer said Wednesday it is temporarily pausing sales in Russia. Its stores in the Ukraine have already been temporarily shuttered for safety reasons.
Canada Goose
The luxury retailer is the latest company to respond to Russia’s invasion of Ukraine by suspending all wholesale and e-commerce sales to Russia.
Toyota Motor
The carmaker will suspend auto production in Russia from Friday as it struggles to source parts from overseas, according to Nikkei Wednesday. The suspension will include the halting of exports to Russia, car sales will stop when inventories run out.
Honda
The Japanese automaker said on Wednesday it has suspended exports of cars and motorcycles to Russia, A spokesperson told Reuters “difficulty in shipping vehicles and making payments was the reason for the suspension.”
American Express
The credit card company announced Tuesday evening that it is halting relationships with Russian bank partners.
Apple
The company said it has paused all product sales in the country. Apple will also remove Russian-state-controlled networks RT News and Sputnik from stores outside Russia, disable certain Apple maps features in Ukraine and halt exports into Russia’s sales channel.
Nike
Nike stopped merchandise purchases on its website and app unavailable in Russia, indicating it cannot guarantee the delivery of goods to customers in the country.
Snap
Snap has halted all advertising sales to all Russian and Belarusian entities and is complying with sanctions targeting Russian businesses and individuals. The company said it stopped all advertising running in Russia, Belarus, and Ukraine.
Goldman Sachs
In a post on LinkedIn, Goldman Sachs (GS) CEO David Solomon said the investment bank will support humanitarian efforts for Ukrainian refugees.
DirectTV
DirecTV has axed the Russian-government-controlled television network RT from its lineup of channels, citing that country’s invasion of Ukraine. A spokesperson said the company, which is majority-owned by AT&T, is accelerating this year’s contract expiration timeline and will no longer offer their programming, effective immediately.
Mastercard, Visa
Mastercard and Visa blocked several financial institutions in Russia, without specifying the names of firms, from using their payment networks following the rollout of Western sanctions.
Adidas
German sportswear retailer Adidas put a stop to its partnership with the Russian Football Union (RFS), joining a growing number of sports bodies in severing ties to Russian-affiliated teams or companies.
BlackRock
BlackRock halted the creation of new shares for its iShares MSCI Russia ETF (ERUS) and has removed all Russian stocks from its creation baskets until further notice, citing the U.S. economic sanctions on Russian corporate and banking entities, closures to Russian securities markets, and Russian government-imposed capital controls, the liquidity of Russian securities and significant declines in its currency.
General Motors
General Motors said it would temporarily halt vehicle exports to Russia in response to its invasion of Ukraine. The Detroit company sells about 3,000 vehicles in Russia and does not have plants based in the country.
Harley Davidson
Motorcycle manufacturer Harley Davidson paused its business dealings in Russia.
Disney
The Walt Disney Company suspended movie releases in Russia and said it is working to provide humanitarian relieve to Ukrainian refugees fleeing the country. Disney issued the following statement:
Sony
Sony paused the the release of new films in Russia, including its Marvel adaptation “Morbius.”
Warner Bros.
Warner Bros. Entertainment Inc. pulled the plug on the release of “The Batman” in Russia due out Friday.
Boeing
Boeing Co. has closed its office in Kyiv and temporarily halted operations at its Moscow training campus, according to a report from Bloomberg.
Shell
Shell said it will exit all Russian operations, including its partnership with Russian energy conglomerate Gazprom.
Dell
Dell Technologies has suspended product sales in Ukraine and Russia.
Meta
Facebook parent Meta has barred ads from Russian state media on its website. The company also said it is in contact with the Ukrainian government and restricted access to several accounts in the country belonging to Russian state media organizations at the request of officials.
Twitter temporarily paused advertisements in Ukraine and Russia “to ensure critical public safety information is elevated and ads don’t detract from it.”
Alphabet Inc.’s Google banned Russia’s state-owned media outlet RT and other channels from collecting money for ads on their websites, apps, and YouTube videos.
Delta Air Lines
Delta halted its alliance with Russia’s flagship airline Aeroflot. The company withdrew its code from Aeroflot-operated services beyond Moscow’s Sheremetyevo Airport and Aeroflot’s code from Delta-operated services from Los Angeles and New York-JFK.
Tesla, SpaceX
At the request of Ukraine’s vice prime minister and minister of digital transformation Mykhailo Fedorov, Tesla CEO Elon Musk said Starlink, the internet service offered by SpaceX, is active in Ukraine, with “more terminals en route.”
Fedex, UPS
Transport giants FedEx and UPS have suspended shipments into Russia.
BP
BP is divesting its 19.75% stake in Russian controlled oil company Rosneft. The move will come with a hefty $25 billion charge. BP has done business in Russia for three decades.
Intel, AMD
Intel and AMD have reportedly suspended chip shipments into Russia.
Airbnb
Home rental platform Airbnb vowed to provide free, short-term housing for as many as 100,000 Ukrainian refugees fleeing the country.
Etsy
Etsy, the online marketplace focused on handmade or vintage items, said it will cancel all balances — about $4 million worth across listing, transaction, and other fees — owed by sellers in Ukraine on its platform.
HSBC
British bank HSBC is expected to tail off its relationships with a lineup of Russian banks including the second-largest, VTB, according to a report by Reuters, citing an internal memo.
NYSE, Nasdaq
Nasdaq Inc. and the New York Stock Exchange have temporarily suspended trading for Russia-based companies listed on their exchanges.
Source – Yahoo Finance
