Microsoft joins Accenture and Airbnb in exiting Russia. Here is the list of others.
suspends all new sales of products and services in Russia, the company said
Tech giant joins home rental company
as the latest Western companies to suspend operations in Russia following President
Ladimir Putin’s invasion of Ukraine.
“We are horrified, angered and saddened by the images and news coming from the war in Ukraine and condemn this unwarranted, unprovoked and illegal invasion by Russia,” wrote
President Brad Smith in a blog post. Additionally, Microsoft (ticker: MSFT) is shutting down many aspects of business in Russia in line with sanctions, Smith added.
Airbnb announced late Thursday that it would suspend operations in Russia and Belarus. Brian Chesky, CEO of
), announced the suspension of his company’s activities in Russia via a Tweeter late Thursday.
Volkswagen, the German automaker, said on Thursday it would suspend vehicle production in Russia until further notice, including at its Kaluga and Nizhny Novgorod production sites. The company will also immediately pause car exports to Russia.
) is also ceasing its activities in Russia, calling for an end to the “unlawful and horrific attack on the Ukrainian people and their freedom” in a press release on Thursday. The company said it would provide support for its 2,300 Russian employees.
According to a survey released this weekend by Morning Consult, about 75% of Americans said they support companies that sever trade ties with Russia and halt product sales.
Cutting ties may be a smart move for companies whose main markets are in the United States, given that the Russian market may not be as crucial for most companies, wrote equity strategist Jeff Buchbinder. for LPL Financial.
“The volume of trade between Russia and the United States is negligible,” he wrote. The United States imports “almost nothing” from Russia, he added, calculating that the percentage of revenue generated by
companies in Russia could be even lower.
This could have a greater effect on the energy sector or on European companies, added Buchbinder.
Microsoft joins a growing list of companies that have decided to pull out of Russia. The list is long and includes some of the biggest names in a myriad of industries, from Big Tech and entertainment to oil and financial services.
Here is an overview of some of the companies from different sectors that have left Russia.
), a Virginia-based consulting and outsourcing services company said on Friday it would no longer continue operations in Russia and had pledged to exit the market. DXC has approximately 4,000 employees in Russia.
Spotify said Thursday it had closed its Russian office indefinitely and limited content created by Russian state media, according to The Wall Street Journal. Earlier this week, it removed Russian state-backed RT and Sputnik content from international markets. The service is still available in Russia, the company said.
Social media platforms were taking a similar approach to Spotify, with
) saying on Monday that it would also restrict access to Russian state media accounts RT and Sputnik, according to the Journal. TikTok, the popular short-form video app, will take a similar approach, while
) started to label Tweets linking to sources affiliated with the Russian state to limit their reach.
Oracle on Wednesday suspended all operations in Russia “to support both the elected government of Ukraine and the people of Ukraine,” the company said in a statement. Tweeter.
) confirmed on Tuesday that it has suspended sales of its products in Russia and restricted downloads of its apps. That same day,
said he had stopped all advertising in Russia, Belarus and Ukraine, but would continue to operate the app as it is an “important communication tool”.
In addition to Volkswagen,
MT) announced on Thursday that it would halt production at its St. Petersburg plant from March 4 and stopped exporting vehicles to Russia until further notice. The company had suspended all its activities in Ukraine since February 24.
XE: BMW), and
) have also suspended operations.
) said it would begin the process of shutting down operations at the Sakhalin-1 project, a venture the company operates on behalf of a consortium of Japanese, Indian and Russian companies. Exxon would also halt new investments in new developments in Russia, the company said Tuesday.
“In response to recent events, we are beginning the process of shutting down operations and developing steps to exit the Sakhalin-1 enterprise,” the company said in a statement.
SHEL) announced that it would leave its joint ventures with Russian energy giant Gazprom, as well as its participation in the financing of the Nord Stream 2 gas pipeline project. The announcement came a day after
BP) announced that it would sell its stake in the Russian energy company Rosneft. norwegian company
EQNR) also said it would begin to withdraw from its Russian joint ventures.
Media and Entertainment
) suspends the theatrical release of its films in Russia, including the upcoming Pixar film “Turning Red”.
(T)WarnerMedia is also delaying the release of “The Batman,” which was supposed to be released on Friday.
Sony Pictures announced Monday evening that it will also be suspending theatrical releases, including its latest Marvel film “Morbius.”
Swedish furniture company IKEA said on Thursday it had suspended production operations in Russia, as well as exports and imports. The company also announced 20 million euros for humanitarian aid to Ukraine.
TJ Maxx parent company
) announced it was divesting its stake in Russian retail chain Familia and said it had not made any sales in Russia or Ukraine. TJX’s investment in Familia was $186 million. Two of the company’s top executives, Doug Mizzi and Scott Goldenberg, have resigned from Familia’s board of directors, the company said in a filing with the Securities and Exchange Commission.
H&M Group (HNNMY) said on Wednesday it had temporarily suspended sales in Russia and closed stores in Ukraine due to the safety of customers and colleagues.
Shopping on Russian
) and website were unavailable, as the company could not guarantee delivery of the products to buyers in Russia, the company said on its Russian website.
(V) said the company was “taking prompt action to ensure compliance with applicable sanctions” and was prepared to comply with any additional sanctions.
) said it blocked several financial institutions from the Mastercard payment network.
) suspended maintenance, technical support and parts shipments for Russian airlines. The company also suspended its main operations in Moscow and closed its Kyiv office.
EN:AIR) said it also stopped providing support services to Russian customers.
Write to Sabrina Escobar at [email protected]