Various Actions of Major Global Companies in Criticizing Russia

Zikrul
By -
0
Various Actions of Major Global Companies in Criticizing Russia


A number of major world companies also criticized Russia for deciding to expand into Ukraine. Criticisms that have emerged have been varied and include actions that are required by law as well as some voluntary actions.

Some of the actions taken by large multinational companies include deciding to leave Russia, stopping services, retail companies temporarily closing their stores, stopping production and exports, issuing strong statements, and surprise actions.

1. Get out of Russia

Two of the four major foreign accounting firms have officially decided to leave Russia. The two are KPMG and PricewaterhouseCoopers LLP (PwC) On Sunday, the two said they would no longer have member firms in Russia after the country's invasion of Russia.

Energy companies British Petroleum (BP), Shell and Exxon Mobil have also pledged to leave Russia by selling stakes in their joint ventures in the country.

Austrian oil company OMV will also be pulling out of Russia and said it would take 1.5-1.8 billion euros in anticipation of an exit from the country.

Accenture, which has 2,300 employees in Russia, said it would discontinue business and the Mercedes-Benz Group plans to divest its stake in Russia's Kamaz.

2. Stopping the Service

TikTok on Sunday announced it would suspend live streaming and video uploads to its Russian platform as it reviews the implications of a new media law signed Friday by President Vladimir Putin.

Then there are Netflix Inc and American Express Co which have suspended their services in Russia, which were announced on Sunday as reported by Reuters, Monday (7/3).

French food group Danone said in a statement on its website that it was suspending investment in Russia and that one of its two factories had closed in Ukraine.

Boeing, which is cutting sales and support for the planes, also said it was following US sanctions. Washington's export rules were changed to put particular emphasis on technology usable by the military, which affects a wide swath of industry, such as PC maker Dell Technologies which has halted sales to Russia. Russia has banned Western airlines from Russian space.

US payments firms Visa Inc and Mastercard Inc said they were suspending operations in Russia. They will work with clients and partners to stop all transactions there.

From the logistics sector, United Parcel Service Inc and FedEx Corp have stopped shipping services to Russia and Ukraine.

Travel booking software provider Saber Corp (SABR.O) said it had terminated its distribution agreement with Aeroflot that hurt the Russian airline's ability to sell tickets.


3. Close and open Store

Meanwhile a number of companies decided to temporarily close their stores in Russia such as clothing retailer H&M, NIKe, IKEA, auto companies including GM and BMW, alcoholic beverage manufacturer Diageo and motorcycle maker Harley Davidson. Most do not export goods to Russia.

Spanish fashion retailer Inditex, owner of the Zara brand, also said it had stopped trading in Russia, closed 502 of its stores and stopped selling online. Milan-based luxury goods group Prada has suspended its retail operations in Russia.

In contrast, owners of Burger King and Papa John's underlined that the restaurants flying their flag in Russia are owned by local partners. "We have no plans to ask the independent franchisees that own and operate Papa Johns stores in Russia to close their shops," the pizza maker said.

4. Production and export stopped

Toyota Motor Corp and Nissan Motor Co have stopped exports to Russia, citing logistical problems. Toyota has also stopped local production. Nissan, Mazda Motor Corp and Mitsubishi Motors Corp will most likely halt local production when parts supplies run out, they said.

Ford has ceased operations, but its joint venture partners still have factories in the country. Many other automakers, including France's Renault and Japan's Toyota Motor Corp. have announced local manufacturing shutdowns due to supply shortages at the same time.

5. Making rude remarks

Many major global brands use rarely heard corporate language, which clearly blames Russia for invading Ukraine.

Apple and Ford use very similar language to describe their deep concern about the Russian invasion. Occidental Petroleum Chief Executive Vicki Hollub called the invasion "insane and inhumane" in comments made the day after the invasion.

6. Surprise Action

Oil company BP's decision to sell Russia for as much as $25 billion was a shock to an industry that has worked so closely with Russia. Likewise with Apple and Disney.

7. Planning a Business Review

Japanese companies, including Mitsui & Co, Mitsubishi Corp, Itochu Corp and Marubeni Corp which have stakes in a liquefied natural gas export terminal in Russia, are under growing pressure over their ties to Russia. They are currently reviewing their business in Russia.

While many commodity traders like Cargill have little to say. Major consumer brands including Nestle, Procter & Gamble, Pepsi and Oreo cookie maker Mondelez have not yet commented on the status of their operations in Russia.


McDonald's Corp. which has 847 restaurants in Russia, 84% of which are company-owned, has not commented on its operations.



Subscribe Daily Post or Follow Google News to update information quickly, Thank you..!!
Tags:

Post a Comment

0Comments

Post a Comment (0)

#buttons=(Ok, Go it!) #days=(20)

Our website uses cookies to enhance your experience. Learn more
Ok, Go it!