From technology to fashion, cinema and aviation, many multinationals have bid farewell to the Russian market.
In the technology sector, Apple announced on Tuesday that it would stop selling its products in Russia, while limiting certain services – such as Apple Pay. Software companies SAP and Oracle have also announced the end of all their operations in Russia, in solidarity with the Ukrainian people, and the German brand has gone further, by making its offices in the European Union available for reception. refugees. Spotify has also sanctioned Russia, closing its offices in the country.
Car manufacturers volkswagen and BMW were the first brands in this sector to suspend both production in Russia and exports to the country. Americans Ford and General Motors, which own brands such as Chevrolet and Cadillac, followed the same path, as did Sweden’s Volvo and Japan’s Toyota, Mazda and Honda.
Also overnight, the oil company BP decided to sell its shares in the Russian Rosneft after “the act of aggression against Ukraine”. The British company held 19.75% of the company’s shares, or around 22 billion euros. Shell has also decided to end all its operations in Russia, including the Nordstream 2 gas pipeline and projects in partnership with Gazprom.
In aviation, Boeing, Airbus and Embraer announced the suspension of support and maintenance of Russian airlines’ planes, as well as the sale of spare parts. But perhaps one of the biggest impacts has been the Closure of all Swedish IKEA stores in Russia and Belarus, leaving about 15,000 people unemployed.
The fashion world has also cut ties with Russia. Adidas suspended its partnership with the Russian Football Federation, while Nike suspended all sales to Russia. H&M, for its part, closed all its stores in Russia and suspended sales in the territory.
The world of cinema has also penalized Russia for the invasion decreed by Putin. Disney, Sony and WarnerBros have suspended the release of their new movies in theaters across the country. For its part, Netflix announced that it would not comply with the new Russian audiovisual law, which would require the brand to have nearly 20 public channels on its platform to operate.
Payment processors Visa, Mastercard and Amex, in line with Western sanctions, have blocked several entities from their networks. In turn, the Norwegian government’s pension fund, the largest sovereign wealth fund in the world, decided to end investments in 47 Russian companies, as well as Russian government bonds.
Among the Portuguese brands, Prio and Galp stand out, which stopped importing Russian petroleum products in solidarity with the Ukrainian people, and Jeronimo Martinswhich has removed all Russian and Belarusian products from its supermarket shelves in Poland, under the Biedronka brand.