The rejection of the invasion of Ukraine and the consequent sanctions imposed on Russia have caused an exodus of foreign multinationals that abandon or reduce their operations on Russian soil, after three decades of benefiting from the lucrative post-Soviet market.
The exclusion of some Russian banks from the SWIFT payment system, the closure by the European Union and Canada of their airspace, reciprocated by Moscow, and the effect of international penalties, with a 30% collapse of the ruble on Monday, mean that companies judge the reputational and financial risk of staying in Russia too high.
Oil giants, messaging and communications firms or vehicle manufacturers are divesting their assets these days or suspending their exports until further notice, which contributes to the isolation of Vladimir Putin’s regime.
THE EXIT OF THE OIL COMPANIES
Pressured by the British Government, BP, the main foreign investor in Russia, announced on Sunday that it will divest its 19.75% in the Russian state-owned Rosneft, with an estimated impact of 25,000 million dollars (22,300 million euros) for its business. , by cutting at least a third of its oil and gas reserves.
Rival Shell said yesterday it will cut ties with Gazprom, including a 27.5% stake in the Sakhalin-II liquefied natural gas facility and a 50% stake in the Salym and Gydan oil projects. It will also rescind its part in the Russian-German Nord Stream 2 gas pipeline, whose authorization has already been blocked by Berlin.
Equinor, the largest Norwegian energy company, with state participation, plans to give up its business with Russian entities, valued at about 1,200 million dollars (1,065 million euros).
The American Exxon Mobil and the French TotalEnergies remain the only major oil companies with significant projects in Russia, although the latter has announced that it will not contribute capital to new projects.
FINANCIAL AND CONSUMPTION IMPACT
The freezing of assets of Russian oligarchs and banks and their exclusion from international markets has consequences for legal and financial consultancies, such as the British Linklaters or the American Baker McKenzie, which are currently rethinking their ties with these clients.
The Norwegian State Global Pension Fund, the largest sovereign wealth fund in the world and which invests oil and gas revenues abroad, will divest its investments in Russia, valued at some 27,000 million Norwegian kroner (2,709 million euros). , 3,053 million dollars).
The Russian bank VTB has warned its customers of the possibility that the payment services of Apple, Google and Samsung are no longer available through the Visa and Mastercard systems and the Russian Central Bank warns that debit cards and credit issued in Russia can no longer be used abroad.
The German truck manufacturer Daimler Truck has suspended its business in Russia and Volvo and Land Rover will stop their sales, as well as Harley-Davidson, General Motors and Volkswagen, although others, such as Ford Motor or Renault, maintain their operations in that country, if Well, the French company had to close a plant due to lack of parts.
Food companies such as the Swiss Nestlé, the Greek bottler Coca-Cola HBC or the Danish brewer Carlsberg have stopped their production in Ukraine after the Russian invasion, although the latter maintains its business in Russia, where it is the leader through Baltika Breweries.
COMMUNICATIONS, ENTERTAINMENT AND NETWORKS
Major US parcel carriers UPS and Fedex temporarily suspended shipments to Ukraine and Russia on Monday to protect their employees.
Although the United States has not yet closed its airspace to Russia, the US airline Delta Airlines has terminated its codeshare with the Russian state-owned Aeroflot and, like American Airlines, will avoid flying over Russian territory on its international routes.
Google Europe reported Tuesday that it has blocked YouTube broadcasts in Europe from Russian state-linked media outlets RT and Sputnik, after previously limiting their access to advertising. Microsoft will remove them from its Windows App Store.
Previously, the technology company Meta had revealed on Monday that it will restrict the presence of the Russian chain and agency on its social networks, such as Facebook, Instagram and WhatsApp.
Twitter will add a warning to messages that share links and news from media controlled by the Kremlin, which it will also try to reduce their circulation on the social network.
The Walt Disney Company has reported that it will not release its new films in Russia and Warner Bros. has canceled the debut of “The Batman”, planned for this Friday.
For its part, Netflix confirmed yesterday that it will not comply with Russia’s new audiovisual law, which would force it to include twenty Russian public channels on its platform in order to operate in the country.
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