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Russia is facing international condemnation for its attack on Ukraine. The outpouring of rage has resulted in Western sanctions as well as the closure of businesses in Moscow and other Russian cities. According to the Yale School of Management, over 300 companies have left Russia in the last two weeks.
According to the Spectator Index, luxury watchmaker Rolex is the latest to suspend operations in Russia. McDonald’s, Pizza Hut, and Coca-Cola, among others, have already announced the suspension of their operations in Russia, joining the international corporate chorus of outrage over Moscow’s invasion of Ukraine.
Meanwhile, the United States imposed an immediate ban on Russian energy imports, causing the oil price to rise another 4% on Tuesday. Prices have increased by more than 30% since Russia invaded its neighbor on February 24.
Russia, the world’s second-largest crude exporter, has warned that if the West imposes bans, the price will skyrocket even further.
Britain stated that it intends to phase out Russian oil imports by the end of 2022. The European Union (EU) intends to reduce its reliance on Russian gas by two-thirds this year.
Here is a list of some of the major corporations that have ceased operations in Russia since the start of the Ukraine war:
Rolex
McDonald’s \sCoca-Cola
PepsiCo \sStarbucks
Netflix
TikTok \sSamsung
Visa \sMastercard
The American Express Company
GE (General Electric)
GM (General Motors)
Ford Motor Company
VW AG (Volkswagen AG)
Toyota Motor Corporation
Volvo AB
Daimler Truck Holding AG
Shell \sUnilever
Levi Strauss & Co.
Microsoft
Apple
Nike
Conde Nast Publications
Hollywood studios such as Walt Disney Co, Paramount Pictures, Sony Corp, AT&T Inc’s WarnerMedia, and Comcast Corp’s Universal Pictures have also halted or delayed film releases in Russia.
The Kremlin describes its actions as a “special operation” to disarm Ukraine and depose neo-Nazi leaders.
Ukraine and Western allies call this a bogus pretext for an invasion that has sparked fears of wider conflict in Europe and could devastate the global economy as it recovers from the coronavirus pandemic.
