Faced with constant pressure from their investors and customers protesting the Russian invasion of Ukraine, a number of America's most well-known brands - including Apple, Google, Ford, Harley-Davidson, and Exxon Mobil, rebuked and exited the Russian market.
Apple Inc announced late Tuesday that it has halted sales of iPhones and other devices in Russia, as well as updates to its Maps software to safeguard people in Ukraine.
Google, Alphabet Inc.'s Google, has removed Russian state publications from its news feeds, and Ford Motor Company, which has three joint venture plants in Russia, has informed its Russian manufacturing partner that it would cease operations in the country. Harley-Davidson Inc has halted the supply of its motorcycles.
Following in the footsteps of British oil giants Shell Plc and BP, Russia's largest foreign investor, Exxon Mobil Corp declared it will cease operations in Russia and was taking preparations to depart the Sakhalin-1 project.
Many businesses have been outspoken in their disapproval of Russia.
"We are deeply concerned about the Russian invasion of Ukraine and stand with all of the people who are suffering as a result of the violence," Apple said in a statement.
Later in the day, when missiles targeted key cities in Ukraine, the constant drumbeat of firms adopting a stand grew.
"Ford is deeply concerned about the invasion of Ukraine and the resultant threats to peace and stability. The situation has compelled us to reassess our operations in Russia," Ford said, adding to several days of announcements by global car companies.
"We deplore Russia's military action that violates the territorial integrity of Ukraine and endangers its people," said Exxon, adding it will not invest in new developments in Russia.
According to a Politico report, Boeing has discontinued parts, maintenance, and technical support services for Russian airlines. According to the report, Boeing has halted key activities in Moscow and will close its office in Kyiv for the time being. A request for comment from Boeing was not immediately returned.
The Russian economy has been struck severely by Western sanctions, with the rouble currency plummeting by as much as a third to a new low. As shipping firms refuse to use Russian ports, the country's financial isolation is growing.
Russian planes are anticipated to be banned from American airspace as early as Wednesday, according to government and industry officials.
Furthermore, a surge in investor interest in environmental, social, and governance (ESG) considerations is making it more difficult for firms to remain sitting on the fence.
According to TJ Kistner, vice president of Segal Marco Advisors, a big U.S. pension consultant, Russian enterprises are particularly vulnerable with such Western investors since they are typically unwilling to talk about changing their ways.
Western investors may react by withdrawing.
"The only course of action for many is simply divestment," Kistner said.
Moscow has retaliated by prohibiting foreign investors from selling off their Russian assets for the time being.
Big Tech firms are also stepping up their efforts to prevent Russian operatives from using their goods.
Outside of Russia, Apple claimed it has barred the download of several state-backed news agencies' apps.
Microsoft previously said that it will remove Russian state-owned media outlet RT's mobile applications from its Windows App store and that it would prohibit advertisements on Russian state-sponsored media. Google, like Facebook, has prohibited RT and other Russian broadcasters from collecting money for adverts on their websites, apps, and YouTube videos.
(Source:www.moneycontrol.com)
Apple Inc announced late Tuesday that it has halted sales of iPhones and other devices in Russia, as well as updates to its Maps software to safeguard people in Ukraine.
Google, Alphabet Inc.'s Google, has removed Russian state publications from its news feeds, and Ford Motor Company, which has three joint venture plants in Russia, has informed its Russian manufacturing partner that it would cease operations in the country. Harley-Davidson Inc has halted the supply of its motorcycles.
Following in the footsteps of British oil giants Shell Plc and BP, Russia's largest foreign investor, Exxon Mobil Corp declared it will cease operations in Russia and was taking preparations to depart the Sakhalin-1 project.
Many businesses have been outspoken in their disapproval of Russia.
"We are deeply concerned about the Russian invasion of Ukraine and stand with all of the people who are suffering as a result of the violence," Apple said in a statement.
Later in the day, when missiles targeted key cities in Ukraine, the constant drumbeat of firms adopting a stand grew.
"Ford is deeply concerned about the invasion of Ukraine and the resultant threats to peace and stability. The situation has compelled us to reassess our operations in Russia," Ford said, adding to several days of announcements by global car companies.
"We deplore Russia's military action that violates the territorial integrity of Ukraine and endangers its people," said Exxon, adding it will not invest in new developments in Russia.
According to a Politico report, Boeing has discontinued parts, maintenance, and technical support services for Russian airlines. According to the report, Boeing has halted key activities in Moscow and will close its office in Kyiv for the time being. A request for comment from Boeing was not immediately returned.
The Russian economy has been struck severely by Western sanctions, with the rouble currency plummeting by as much as a third to a new low. As shipping firms refuse to use Russian ports, the country's financial isolation is growing.
Russian planes are anticipated to be banned from American airspace as early as Wednesday, according to government and industry officials.
Furthermore, a surge in investor interest in environmental, social, and governance (ESG) considerations is making it more difficult for firms to remain sitting on the fence.
According to TJ Kistner, vice president of Segal Marco Advisors, a big U.S. pension consultant, Russian enterprises are particularly vulnerable with such Western investors since they are typically unwilling to talk about changing their ways.
Western investors may react by withdrawing.
"The only course of action for many is simply divestment," Kistner said.
Moscow has retaliated by prohibiting foreign investors from selling off their Russian assets for the time being.
Big Tech firms are also stepping up their efforts to prevent Russian operatives from using their goods.
Outside of Russia, Apple claimed it has barred the download of several state-backed news agencies' apps.
Microsoft previously said that it will remove Russian state-owned media outlet RT's mobile applications from its Windows App store and that it would prohibit advertisements on Russian state-sponsored media. Google, like Facebook, has prohibited RT and other Russian broadcasters from collecting money for adverts on their websites, apps, and YouTube videos.
(Source:www.moneycontrol.com)
