Large multinational companies in every industry are leaving Russia, following the invasion of Ukraine. In addition to condemning the invasion, the businesses see an impossible scenario, from worker safety to delivery logistics and financial and sales disruption, as well as the intricacy of complying with sanctions.
Sanctions have had a significant impact and have pushed Russia away from the rest of the world. Businesses operating in Russia have a decreasing capacity to gather income or pay staff and suppliers every day. Imports have been reduced as a result of economic sanctions, including export restrictions. Some workers are being relocated out of Russia due to the crisis.
Many businesses are experiencing difficulties obtaining necessary equipment owing to airspace and traveling restrictions. Many firms in the tech, retail, and media industries have cut back on how goods are implemented in Russia or leaving Russia entirely.
List of companies leaving Russia:
- Yum Brands, the owner of KFC and Pizza Hut, has halted operations in Russia.
- McDonald’s has revealed that all of its restaurants in Russia will be shut down indefinitely.
- All business activity of Starbucks was halted in Russia.
- Coca-Cola announced that they would be closing their operations in Russia.
- Deloitte has decided to “no longer operate in Russia and Belarus,” and it will “will separate our practice” from the global network of member firms in the two countries.
- Ernst & Young was cutting ties with Russia, shutting down its 4,700-person operation there.
- The accounting firm PwC is cutting ties with its Russian member, affecting 3,700 partners and employees in the country.
- KPMG was withdrawing from its 4,500 partners and employees in Russia and Belarus.
- Estée Lauder announced that it was putting a halt to all commercial activity in Russia.
- Boeing halted major operations in Moscow, as well as maintenance and technical support for all Russian airlines.
- The French planemaker Airbus is leaving Russia and cutting off services and parts to Russian airlines.
- Shell announced it was cutting ties with Russian gas giant Gazprom and canceling its roughly $1 billion financing of the Nord Stream 2 gas pipeline. It’s donating profits from a recent purchase of Russian crude oil to assist Ukrainian war victims.
- BP is pulling out of its approximately 20% stake in Russian oil firm Rosneft, and it could face a $25 billion financial hit.
- Exxon Mobil said it is leaving Russia and all oil and gas investments worth more than $4 billion and cease new investment.
- GM, which sells a few thousand automobiles each year in Russia, was halting vehicle exports.
- Ford suspended operations in Russia.
- BMW has halted vehicle sales and production in Russia.
- Daimler Trucks has announced it will no longer supply components to its Russian joint-venture partner.
- Volvo Cars, which is controlled by Chinese business Zhejiang Geely, is leaving Russia and halted sales and deliveries.
- Because it is having trouble obtaining parts, Renault has had to cease operations at two assembly plants.
- The value of the ruble against the dollar has plummeted, so Audi vehicles already in Russia were delayed by Volkswagen to allow for price adjustments.
- Harley-Davidson is leaving Russia and halted all deliveries.
- Adidas terminated its relationship with the Russian Football Union.
- Nike halted online sales because it couldn’t ensure delivery.
- FedEx and UPS halted shipments.
- Luxury e-commerce sites Yoox Net-A-Porter Group, and Farfetch have stopped deliveries in Russia.
- To safeguard civilian lives, Apple has stopped product sales and limited services, including Apple Pay, as well as halted exports to Russia and restricted functionality in Apple Maps in Ukraine.
- Dell discontinued selling its products.
- Ericsson halted deliveries to Russia.
- Walt Disney temporarily halted the launch of movies in Russia. Warner Bros., Sony, Paramount, and Universal have all announced that they will not distribute films there.
- Ikea was shutting down its Russian outlets and halting all exports and imports in the country as well as to its ally Belarus.
- Airbnb has announced that it is “suspending all operations in Russia and Belarus.”
- All online advertising in Russia was halted by Google.
- Microsoft has stopped all new sales of its goods and services in Russia.
- All of Hermes‘s stores in Russia are temporarily shut down.
- Visa, MasterCard, and American Express are all leaving Russia and withdrawing their services.
- Amazon Web Services stopped taking new clients from Russia and Belarus.
