Apple Stops Product Sales in Russia: Apple, Google, Ford, and Harley-Davidson are just a few of the big American brands that have stopped sales and distanced themselves from Russia because of the invasion of Ukraine.
They join a growing list of companies, from shippers to carmakers to energy companies, that have done the same thing.
In a statement, Apple said it had ceased sales of iPhones and other products in Russia, Alphabet Inc.’s Google removed Russian state news from its news, Ford Motor told its Russian manufacturing partner that it was suspending operations in Russia, and Harley-Davidson Inc said it was stopping its business and shipping its bikes to Russia.
Early in the day, two of the world’s most significant shipping lines, MSC and Maersk, stopped shipping containers to and from Russia. This made the country even more isolated.
The West has put a lot of restrictions on Russia to stop its economy from working with the rest of the world’s money.
This has caused businesses to stop selling, cut ties, and dump billions of dollars worth of investments.
We are apprehensive about the Russian invasion of Ukraine, and we stand with all of the people who are hurting because of it.
We will also put a hold on sales in Russia and take other steps, like limiting Apple Pay and not allowing RT News to be downloaded outside of Russia.
There was a steady drumbeat of companies taking a stand all day. Later in the day, rockets hit major cities in Ukraine.
“Ford is apprehensive about the invasion of Ukraine and the threats to peace and stability that come with it. The situation has made us rethink how we do business in Russia. “A few days ago, global car companies made a lot of announcements, so Ford added to the list.
When Nike updated its website on Tuesday, customers in Russia couldn’t buy goods on its website or app because it couldn’t guarantee that goods would be delivered.
It means that Russia, the world’s eleventh-largest economy and the source of one-sixth of all goods, is now effectively cut off from a large chunk of the world’s shipping capacity.
Moscow said on Tuesday that it would stop foreign investors from selling their Russian assets for a short time.
BP and Royal Dutch Shell have already decided to stop doing business in Russia, as have significant banks, airlines, automakers, and more.
After Russia invaded Austria, Raiffeisen Bank International (RBI) is considering leaving the country, two people who know the situation say.
This would make it the first European bank since the invaders came in.
Glencore, a mining and commodities company, says it is looking at all its business in Russia, including its stakes in EN+ and Rosneft.
Susannah Streeter, a senior analyst at Hargreaves Lansdown, said that “the corporate world is building a fortress to keep Russia isolated from the rest of the world.”
There have been a lot of energy companies who have led the way in getting rid of Russia.
On Tuesday, French oil and gas group TotalEnergies said it would no longer give money to new projects in Russia.
Another Hollywood company has stopped distributing movies in theatres in Russia.
Paramount Pictures said on Tuesday that it would not be releasing upcoming movies “The Lost City” and “Sonic the Hedgehog 2″ in Russia.
Finance is a Pariah.
As the oil price has gone up, Russia has gone from a good bet to a bad one.
Sanctions have hit the country’s central bank, major banks have been banned from the international payments system, and capital controls have been put in place to stop money from moving.
VISA and Mastercard, two payment card companies in the United States, have cut off several Russian banks from their network.
Volvo Cars, AB Volvo, General Motors, Harley-Davidson, and Jaguar Land Rover are a few big car and truck companies that have stopped selling their cars and trucks to Russia because of Ukraine.
BMW said it would stop making cars in Russia and selling them there.
Nokia, a Finnish company that makes telecom equipment, says it will stop delivering to Russia because of sanctions.
The Swiss company that built the Nord Stream 2 gas pipeline from Russia to Germany is thinking about going bankrupt, two people who know the situation say.
They say the company is trying to pay off debts before a US deadline.
The company, Nord Stream 2 AG, did not say anything about possible bankruptcy.
The United States has limited the exports of tech hardware, like computers, sensors, lasers, navigation tools, telecoms, aerospace, and marine equipment.
This has led many tech companies, like Dell Technologies Inc., to stop selling to Russia.
Tech companies in the United States are juggling calls to shut down their services in Russia with what they see as a mission to give people a voice and help them fight back against the government.
‘Clear and unequivocal.’
Some US state-owned investors have been very public about setting expectations for businesses.
Connecticut Treasurer Shawn Wooden said that he would tell state pension funds to sell their Russian assets.
On Monday, California Treasurer Fiona Ma said that the state should send an unequivocal message that it won’t stand for Russia’s aggression.
“We need to send an obvious and unequivocal message that California will not stand for Russia’s aggression.”
Russia calls its actions in Ukraine a “special operation” that it says isn’t meant to take over land but to destroy its southern neighbor’s military power and capture people it thinks are dangerous nationalists.
Airlines prepared for long delays in east-west flight corridors after the EU and Moscow banned airspace. This is thought to affect 20% of global air cargo.