By Online Desk
US giants Apple, ExxonMobil and Boeing announced that they will withdraw or freeze business in Russia as more US corporate giants take action after the Ukraine invasion.
Disney, Ford, Mastercard and several other companies had previously announced that they will also be cutting ties with Russia. This highlights the rising economic impact on Russia after its assault on Ukraine unleashed massive sanctions across Western governments.
ExxonMobil
ExxonMobil said it would end its involvement in a large oil and natural gas project in Russia, becoming the latest Western oil company to announce that it is leaving the country after its unprovoked attack on Ukraine.
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Exxon has been developing three oil and gas fields near the eastern Russian island of Sakhalin in partnership with Rosneft, the state-controlled energy company, and one company each from Japan and India.
ExxonMobil’s move follows earlier decisions by British energy group BP and Shell to pull out of joint projects in Russia. France’s TotalEnergies said it would stay in Russia, but refrain from investing more money there.
“The process to discontinue operations will need to be carefully managed and closely coordinated with the co-venturers in order to ensure it is executed safely,” said ExxonMobil in a statement.
Apple
On the other hand, Apple also said it would halt all product sales in Russia and limit the use of Apple Pay and other services in the country.
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“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.
Boeing
Boeing also said it was suspending its support for Russian airlines and its operations in Moscow, saying it was “focused on ensuring the safety of our teammates in the region.”
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The United States and European allies have put tough sanctions on Moscow in recent days, including by cutting selected Russian banks from the SWIFT messaging system, while Washington has announced measures specifically targeting the country’s central bank.
Entertainment companies
Entertainment giants Disney and WarnerMedia, for their part, suspended new film releases in Russia, while tech heavyweights such as Facebook, TikTok and Microsoft moved to curb the reach of Russian state-linked news outlets, which stand accused of pushing misinformation about Moscow’s invasion of Ukraine.
General Motors
General Motors suspended vehicle exports to Russia, while Detroit rival Ford aid it was suspending its remaining operations in Russia, including commercial van manufacturing.
Credit card companies
Credit card companies including Visa, Mastercard and American Express announced they were blocking Russian banks from their payment networks following international sanctions.
(With inputs from AFP)
