Business

Factbox-Companies to cut Russian operations and trade as sanctions tighten

FILE PHOTO: A Boeing logo is seen at the company's facility in Everett
FILE PHOTO: A Boeing logo is seen at the company’s facility in Everett after it was announced that its 777X model would make its first test flight over the weekend in Everett, Washington, U.S. on January 21 January 2020. REUTERS / Lindsey Wasson / File Photo

March 2, 2022

(Reuters) – Companies have taken action to limit, suspend or withdraw from doing business in Russia following a wave of sanctions imposed following Moscow’s invasion of Ukraine.

Here is a list of companies that have announced plans to leave Russia or limit activities there:

CAR

Daimler Truck said it would freeze its business activities in Russia immediately, including its cooperation with Russian truck manufacturer Kamaz. The pre-production parent company, Mercedes-Benz Group, is looking to divest its 15% stake in Kamaz as soon as possible.

General Motors and Volvo Cars of Sweden have suspended vehicle exports to Russia until further notice.

Truck maker AB Volvo, a separate group from Volvo Cars, is suspending production and sales in Russia.

Japan’s Mitsubishi Motors has said it may suspend production and sales of its cars in Russia.

French automaker Renault will suspend some operations at its assembly plants in Russia next week.

Harley-Davidson Inc said it has suspended sales and bicycle shipments to Russia.

Ford Motor Co has suspended operations in Russia until further notice.

British luxury carmakers Jaguar Land Rover and Aston Martin have suspended shipments to Russia.

Germany’s BMW has stopped exporting cars to Russia and has said it will stop production there.

Honda Motor said it has stopped exporting cars and motorcycles to Russia.

Japan’s Mazda will suspend exports of auto parts to its factory in Russia, Nikkei reported on Tuesday.

AIR

Dublin-based AerCap Holdings, the world’s largest aircraft leasing company, has stopped leasing operations with Russian airlines.

American manufacturer Boeing has suspended parts, maintenance and technical support for Russian airlines.

Airbus has stopped sending parts to Russia and supporting Russian airlines, but is analyzing whether its Moscow technical center can continue to serve local customers.

Lufthansa’s Technik unit, which specializes in providing maintenance services, has discontinued service to Russian customers.

BANK

Global bank HSBC is cutting ties with a series of Russian banks.

Nordic lender Nordea has suspended trading on investment funds with high exposure to Russia.

Raiffeisen Bank International (RBI) is looking to leave Russia, two people with knowledge of the matter told Reuters. The spokesman said the RBI had no plans to leave Russia.

Dubai’s Mashreqbank has stopped lending to Russian banks and is reviewing the bank’s risk profile, two sources familiar with the matter told Reuters.

ENERGY

France’s TotalEnergies said it would not provide capital for new projects in Russia.

BP is giving up its 19.75% stake in Russian oil giant Rosneft, while Shell has said it will withdraw from all of its operations in Russia.

Norwegian energy group Equinor will begin divestment of joint ventures in Russia.

Denmark’s Orsted has stopped buying Russian coal and biomass but will continue a long-term natural gas contract with Gazprom.

Exxon Mobil will withdraw from Russia’s oil and gas operations, which are valued at more than $4 billion.

Italian energy group Eni plans to sell its stake in the Russian gas pipeline to Turkey.

Austrian energy group OMV has abandoned plans to buy a stake in the Gazprom gas field project and is reviewing its role in the Nord Stream 2 gas pipeline.

Centrica, owner of Britain’s largest energy supplier British Gas, will withdraw from gas supply agreements with its Russian partners, mainly Gazprom.

German turbine maker Siemens Energy has suspended new business in Russia.

Global commodities trader Trafigura said it has frozen its investments in Russia and is reviewing its 10% stake in Rosneft’s Vostok Oil project in the Arctic.

Some companies have chosen to stay until now.

Halliburton’s Eurasia unit operates in Russia and Ukraine. In February, it warned that it could be constrained by US or EU sanctions.

German utility Uniper has a $1 billion investment in Nord Stream 2. Together with its controlling shareholder Fortum, it owns 12 power plants in Russia and employs 7,000 people there.

Oilfield services company Schlumberger has a number of contracts and agreements in Russia, including with Rosneft, Gazprom Neft and Lukoil.

A consortium of Vitol and Mercantile & Maritime bought a 5% stake in Vostok Oil for 3.5 billion euros last year.

MOVIES AND TELEVISION

Hollywood studios Disney, Warner Bros and Sony Pictures Entertainment have suspended the release of new films in Russia.

INDUSTRY

Swedish engineering group Sandvik is suspending operations in Russia, while peer-to-peer Atlas Copco has halted all deliveries to the country.

Finnish engineering group Metso Outotec has temporarily suspended deliveries to Russia.

Norsk Hydro will not sign new contracts with Russian manufacturers until further notice and is considering the possibility of freezing existing commercial relationships.

Siemens has suspended all new business and international deliveries to Russia but will resume local service and maintenance operations in compliance with sanctions, a company spokesman confirmed.

LOGISTICS

United Parcel Service Inc and US-based FedEx Corp are suspending delivery services to Russia and Ukraine.

Container shipping company Ocean Network Express has suspended bookings to and from Russia.

Maersk Shipping Corporation will suspend all container shipments to and from Russia.

Deutsche Post has stopped DHL deliveries to Russia.

German shipping company Hapag Lloyd has suspended orders for Russia and halted sailings to Ukraine.

Shipping company MSC has stopped booking to and from Russia but will still receive food and humanitarian goods.

The Swiss logistics company Kuehne und Nagel has suspended all shipments into Russia, with the exception of medical, healthcare and humanitarian supplies.

The company’s CEO told Norwegian business news website E24 there is no capacity to ship Russian crude.

SHOES AND FASHIONS

Adidas suspended its partnership with the Russian Football Federation immediately.

Nike has made purchases on its website and app unavailable in Russia because it cannot guarantee delivery.

Puma has stopped shipping to Russia even though its 100 stores in the country remain open.

H&M, the world’s second-largest fashion retailer, has suspended all of its sales in Russia.

TECHNOLOGY

Apple has suspended all sales of its products in Russia.

Alphabet’s Google has blocked mobile apps connected to Russian broadcasters RT and Sputnik, after previously removing Russian state publishers from news-related features.

Microsoft said it would remove state-owned RT mobile apps from the Windows App store and ban advertising in Russian state-sponsored media.

Laptop maker Dell Technologies said it has suspended sales of its products in Ukraine and Russia.

TELECOMMUNICATION

Swedish telecommunications equipment maker Ericsson is suspending deliveries to Russia.

Nokia will stop shipping to Russia to comply with sanctions.

OTHER INDUSTRY

Finnish tire manufacturer Nokian Tires is shifting production from Russia to Finland and the US.

Finnish chemical company Kemira has suspended deliveries to Russia and Belarus until further notice.

Swedish home appliance maker Electrolux has suspended all operations in Russia.

Stora Enso has ceased imports and exports to and from Russia, as well as domestic production and sales.

(Edited by Boleslaw Lasocki, Alexander Kloss, Valentine Baldassari and Izabela Niemiec; Editing by Bernadette Baum, Elaine Hardcastle and Nick Zieminski)

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Caroline Bleakley

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