Multinational corporations are beginning to leave Russia in the wake of Russia’s war on Ukraine. Many companies have decided to leave the market in the days leading up to the war, which they have worked so hard to create over the years. Not only companies but also many investors are leaving.
Exxon, PP, Shell, Total, Siemens, ABP, Ford, GM, Airbus, Boeing, Apple, Facebook, Twitter, Netflix, Spotify, Adidas, Harley-Davidson, Volvo, Benz, Toyota, Honda, Renault, Zoo, , Companies including Airbnb are exiting or suspending operations.
HSBC in the Financial Services Division ING, pension funds, Visa and MasterCard are also out. In addition, many companies such as IKEA, H&M, Nike, Disney, Dictac have stopped service.
Stopping the operation of Visa and MasterCard companies than other companies can create a major problem. Because, thus the cards distributed in Russia will not work. Similarly cards issued in Russia do not work abroad. Also, both companies have announced that cards issued in other countries will not work in Russia.
Apart from Formula One, Russian athletes have been banned from participating in many international competitions, including the Paralympics.
Russia’s main source of income is the oil and gas sector. But many companies are out in this category as well. ExxonMobil has invested a few billion dollars. But Russia does not seem to be worried about the companies leaving.
Russia has said it may stay in Russia, leave Russia altogether or hand over to domestic partners and leave for now. The exit of companies is a loss not only to companies but also to Russia.
Not only have companies left, but some companies have also announced that they will help the affected people in Ukraine. In addition, many small and large companies have left.