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27 Feb 2022

Ross Kerber, Reuters

Western businesses cut ties with Russia over Ukraine military invasion

Western businesses cut some Russia ties over Ukraine invasion, 25 February 2022

Some Western companies severed their ties with Russia on Friday, and others studied whether and how to do so, as President Vladimir Putin's invasion of Ukraine triggered sanctions and pressure to abandon some business dealings.

European sports and entertainment businesses were among the first to announce such moves.

Premier League club Manchester United withdrew the sponsorship rights of Russian airline Aeroflot, Formula One canceled the 2022 Russian Grand Prix, and organizers of the Eurovision song contest said Russia would not be allowed to participate in this year's final...

Gadget maker Dell Technologies Inc said it suspended sales in Ukraine and Russia and would closely monitor the situation to determine next steps...

Alexandria, Virginia, marketing consultant Dan Sondhelm said companies were trying to balance the reputational risk of continuing to deal with Moscow with their economic interests and concerns about upsetting some of their investors. "It will take some time for companies to make their decisions to act or do nothing," Sondhelm said. "It doesn't happen overnight"...

David Smith, partner at insurance broker McGill and Partners in London, said that even before the invasion and sanctions, two underwriters had told him they did not want to insure a shipping company operating in Russian waters on the grounds they did not want to facilitate business with Russia.

"People should be thinking more and more about the moral issue, it’s not just a box-ticking exercise,” Smith said...

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Ukraine: Global outrage over Russian invasion leads to sanctions, demands for businesses to divest

Ukraine: Global outrage over Russian invasion leads to sanctions, demands for businesses to divest