March 9 (Reuters) – Nestlé (NESN.S)Philip Morris (From) Sony video game maker (6758.T) It joined the list of multinational companies that backed away from Russia on Wednesday as pressure mounted from consumers in the West to take a stand against the invasion of Ukraine.
Nestlé, the world’s largest packaged food group, and Mondelez International Inc. followed the lead of competitors Procter & Gamble. (PG.N) and unilever (ULVR.L) To stop investing in Russia.
But the four companies will continue to provide essentials, as Mondelez aims to help maintain the “continuity” of Russia’s food supply.
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Similarly, while cigarette maker Imperial Brands (IMB.L) Operations in Russia suspended, rival Philip Morris said only it would cut manufacturing, and maker Camel British American Tobacco Plc (BATS.L) She said that her business in Russia continued to operate, although she suspended capital investment.
Sony, whose film studio has already halted its release in Russia, took additional action on Wednesday, saying its PlayStation game console would halt shipments and operations in Russia. “Sony Interactive Entertainment joins the international community in calling for peace in Ukraine,” she said.
Many companies are having difficulty operating in Russia due to sanctions and lack of shipping, as well as consumer and investor pressure, and describe ending work in Russia in more practical terms, without blaming the Russian government for attacking Ukraine.
Heavy Equipment Manufacturer Deere & Co (den)She said she was “very saddened by the significant escalation of events in Ukraine,” and announced that she had halted shipments to Russia two weeks ago, and later to Belarus, and said she would follow US and international sanctions. Caterpillar Corporation (CAT.N) It said it will suspend its business because supply chain disruptions and sanctions have made business difficult and 3M (MMM.N) She followed suit after reassessing her business in Russia.
However, pressure in the West is growing.
Rio Tinto (RIO.L) The CEO said early in the day that the miner was working to maintain Russian fuel supplies for the Mongolian copper mine, but the company later announced it was ending all business ties with Russian companies. Read more
Hotel Companies Hilton Worldwide Holdings (HLT.N) And Hyatt Hotels Company (HN) They said they would suspend development in Russia. Read more
Coca-Cola company (KO.N) And McDonald’s Corp (MCD.N) Sales in Russia halted on Tuesday in symbolically strong gestures. A senior member of Russia’s ruling party has warned that foreign companies that close down may end up nationalizing their operations. Read more
McDonald’s said the temporary closure of its 847 stores in the country would cost it $50 million a month. Read more
Adidas sportswear company (ADSGn.DE) It also outlined the cost of downsizing its operations, saying it would be hit by sales of up to 250 million euros ($277 million). Read more
Yum Brands Inc (YUM.N)KFC, the parent company of fried chicken giant KFC, said it had paused investments in Russia, a market that helped it reach record growth last year. Read more
Carlsberg (CARLb.CO) It said it would suspend brewing of the Russian beer of the same name while keeping its Russian Baltica brand operating.
“We feel a moral obligation to our Russian colleagues who are an integral part of Carlsberg, and who are not responsible for the government’s actions,” Carlsberg said, adding that it was withdrawing this year’s financial guidance.
E-commerce company Shopify Inc (shopping. He joined the crowd, saying he would suspend Russian operations and not collect any fees from Ukrainian merchants, citing the millions of Ukrainian refugees who need support. Read more
laws of war
In response to the mass emigration, Andrei Turchak, Secretary of the General Council of the ruling United Russia party, warned that Moscow could nationalize crippled foreign assets.
“United Russia proposes to nationalize the production plants of companies that announce their exit and shutdown of production in Russia during the special operation in Ukraine,” Torchak wrote in a statement posted on the party’s website on Monday. Read more
The statement stated that the privately owned Finnish food companies Fazer, Valeo and Poleg are the latest food companies to announce their closure.
“We will take strict retaliatory measures, in line with the laws of war,” Torcak said.
Moscow, which has described its invasion of Ukraine as a “special military operation,” has been hit by sweeping Western sanctions that have stifled trade, plunged the ruble and further isolated the country.
Banks and billionaires have also been targeted, as the European Commission prepares for new sanctions targeting Russian oligarchs and politicians, and three Belarusian banks, Reuters reported. Read more
While the war in Ukraine and sanctions have boosted the prices of goods that Russia exports like oil, natural gas and titanium, these sanctions have largely prevented Moscow from benefiting from higher prices.
The United States on Tuesday banned imports of Russian oil. Read more
American oilfield services company Schlumberger (SLB.N), which derives about 5% of its revenue from Russia, said the ongoing conflict is likely to hurt results this quarter. Read more
Trafigura Group, the global commodity trading company, has raised a $1.2 billion revolving credit facility from banks to help tackle rising energy and commodity prices. Read more
Norwegian Yara (YAR.OL)Major fertilizer companies said on Wednesday they would reduce production of ammonia and urea in Italy and France due to higher gas prices.
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Reporting by Reuters offices Jacob Gronholt Pedersen, Rithika Krishna, Aishwarya Nair and Mrinalika Roy in Bengaluru, Don Chmilewski in Los Angeles, Bianca Flowers in Chicago, Denny Thomas in Toronto and Ernest Scheider in Houston Writing by Sayantani Ghosh, Paul Sandel and Peter Henderson Editing by Jason Neely Jane Merriman, Matthew Lewis and Lincoln Fest.
Our criteria: Thomson Reuters Trust Principles.
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