Russia’s growing concern
From the time Russian President Vladimir Putin announced an attack on Ukraine, Western countries opened a front against Russia. After the European Union pulled seven of Russia’s biggest banks out of SWIFT, companies around the world, including Apple, Google and Microsoft, suspended their services in the country, blaming the attack. Recently companies like Netflix, Tiktok and Samsung have also joined this list. Breaking the relationship of such big companies with Russia is a matter of great concern for the country in the coming times. Explain that these companies are related to various sectors including oil and gas, technology, media.
oil and gas companies
Due to sanctions on Russia, big oil and gas sector companies chose to exit the country. BP plc was considered by far Russia’s largest foreign investor. The world-renowned petroleum and gas company has given up its $25 billion stake in the state-run Rosneft company, which is 20 per cent of Rosneft’s total value. Shell also called Russia bye-bye after BP’s decision. Not only this, Norwegian energy company Aquinor also started withdrawing its business from Russia, choosing the path of BP and Shell.
tech companies
Tech companies also took steps to suspend their services in Russia one after the other after the attack on Ukraine. In this case, the top most valuable company in the world was Apple. It stopped selling all its products in Russia. Along with this, the company also stopped updates on its App Store and Apple Maps in the country. Not only this, outside Russia, Apple removed Russian apps RT and Sputnik from the App Store. Google, the largest search engine after Apple, has turned off live traffic data and the busy-ness layer on the Maps app for public safety in Ukraine. Bill Gates’s Microsoft also removed Russia’s RT app from the Windows App Store. Zuckerberg’s Facebook stopped advertising for Russian state media. Russian companies were also banned from Mobile World Congress.
financial institution
In a scathing attack on Russia, the European Union pulled seven of the country’s banks out of SWIFT. In addition, British bank HSBC began winding up all of its joint businesses in Russia, in partnership with VTB, Russia’s second largest bank. Indian bank SBI stopped services in Russia. Not only this, Visa and Mastercard have also decided to suspend all their services from there, taking strong steps. Visa said on Saturday that we are suspending our service in Russia with immediate effect. Mastercard said that cards issued by Russian banks will no longer work through its network and any card issued outside the country will not work at Russian stores or ATMs.
automobile airlines
Within a week after Russian President Vladimir Putin’s decision to attack Ukraine, there was a race for automobile companies to leave Russia. Most of the world’s largest carmakers announced they would halt shipments to either Russia or to idle plants in the country. Truck makers Volvo AB and Daimler Truck Holding AG also halted business activities there. General Motors, Volvo and Volkswagen also stopped shipping vehicles to Russian car dealers. Ford, which has a 50 per cent stake in three Russian plants, has also decided to take the next step cautiously. Apart from this, Boeing and Airbus have also decided to stop their operations in Russia.
media-entertainment companies
Netflix Inc. is shutting down its operations in Russia and has issued a statement saying that no new subscribers will be able to sign up. In addition, Hollywood studios including The Walt Disney Company, Paramount Pictures, Sony Corp and AT&T Inc’s WarnerMedia and Comcast Corp’s Universal Pictures have also halted or postponed the release of films in Russia. Other short video platforms including Tiktok have suspended their services. TikTok has announced that we have no choice but to suspend live streaming and new content on our video service in these circumstances. Apart from this, YouTube has also stopped its services.
consumer goods
Levi Strauss & Co., whose jeans were a coveted black-market item in the Soviet Union, is suspending commercial operations in Russia. In addition, electronics giant Samsung, the leading smartphone vendor in Russia with over 30 per cent of the market, has suspended exports of all its products to the country. Big brands like Nike and Adidas have suspended sales of their consumer goods.