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Article

9 Mar 2022

Author:
Marisa Dellatto & Mason Bissada, Forbes

Increasing number of companies cutting ties with Russia over Ukraine invasion

Universal Music, Bumble, PepsiCo—Here Are The Companies Cutting Ties With Russia Over Ukraine Invasion, Forbes, 8 March 2022

Dating app Bumble said Tuesday it will no longer operate in Russia, while McDonald’s said it will temporarily close 847 Russian locations following mounting pressure, adding to a growing list of companies including Netflix and TikTok that are distancing themselves from Russia after its invasion of Ukraine.

Forbes provide a round-up of the latest company announcements including:

Universal Music Group is suspending its operations in Russia and will close its Russian office, it told Variety...

PepsiCo suspended sales of Pepsi-Cola, Mirinda, 7Up and other brands in Russia on Tuesday, and cut off all capital investments, advertising and promotions in the country. Coca-Cola said Tuesday it will suspend business in Russia...

Adidas closed its stores in Russia and suspended its online sales there Tuesday, after the brand said on March 1 it was suspending its partnership with the Russian Football Union, effective immediately...

P&G told employees Monday it would halt capital investments, advertising and promotions in Russia, and only focus on selling products related to personal care, hygiene and basic health, the Wall Street Journal reported.

IBM announced Monday it has suspended all business in Russia and that it is donating $500,000 to Czech and Polish humanitarian organizations.

WeWork said Monday it is “finalizing solutions” to “divest operations” in Russia and has paused plans for expansion in the area.

KPMG and PricewaterhouseCoopers, two of the four major U.S. accounting firms, each announced Sunday their Russia-based firms would be leaving their respective networks...

Mastercard and Visa each announced Saturday their cards will no longer function at Russian merchants or ATMs, and that cards issued in Russia by Russian banks will no longer function internationally, following their earlier block of a number of Russian financial institutions targeted by sanctions from their networks, in compliance with Western sanctions.

The Prada group, which owns luxury brands Prada and Miu Miu, said Saturday it is suspending retail operations in Russia.

EA suspended sales of its games and other content, including virtual currency bundles, in Russia and Belarus Friday, after removing the Russian national team from FIFA and the Russian and Belarusian teams from its NHL games earlier this week...

Google said Thursday it will no longer sell online advertising in Russia through its search engine, YouTube or outside publishing partners, according to Reuters, and the apps for Russian state-run media outlets RT and Sputnik were removed from Google’s Play store Wednesday.

Volkswagen suspended production of its vehicles in Russian cities Kaluga and Nizhny Novgorod and paused exports to the country...

Mercedes-Benz said Wednesday it is suspending the export of passenger cars and vans to Russia and is pausing local manufacturing in the country...

Maersk, one of the world’s biggest shipping lines, suspended deliveries to and from Russia on March 1 apart from food, medical and humanitarian supplies, citing the impact of sanctions...

Twitter said February 28 it would label tweets that share information from Russian state media accounts, and announced Friday it was temporarily suspending ads in Ukraine and Russia “to ensure critical public safety information is elevated and ads don’t detract from it.”

Timeline