Russia’s invasion of Ukraine has prompted a growing number of the world’s best known brands — from Apple to Mercedes-Benz and BP — to pull out of Russia as companies seek to maintain their reputations and live up to corporate responsibility standards.
ExxonMobil said it will pull out of a key oil and gas project and halt any new investment in Russia. All their chief executives said they were shocked and saddened by the increasingly bloody conflict. Smaller energy firms have followed suit., including automakers, signaled they’re staying out of the Russian market either out of concern for Ukraine or to comply with Western sanctions.
Volvo Cars said it stopped deliveries because of “potential risks associated with trading material with Russia,” citing Western sanctions. Ford suspended operations. “Millions of lives are being impacted and we strongly condemn the acts of violence and aggression we are witnessing,” Vice President of Corporate Affairs Christian Wulff Sondergaard said by email. Carlsberg is obligated to “protect the livelihood of all our employees” in Russia as the economy is increasingly pressured by sanctions, he said.
Ikea suspended operations at its 17 Russian stores and paused exports and imports. The Swedish furniture giant said, “The war has had a huge human impact” and resulted “in serious disruptions to supply chain and trading conditions.” Netflix is pausing all future projects and acquisitions from Russia. The streaming service reportedly had four Russian projects in the pipeline.Apple stopped selling iPhones and other devices inside Russia, while computer maker Dell Technologies suspended sales in Ukraine and Russia.
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