Oil companies, technology corporations and manufacturers have announced they are suspending or halting operations in Russia following its invasion of Ukraine. We've gathered articles on the news from SHRM Online and other media outlets.
BP and Shell Exit Russia
BP and Shell in late February announced they were exiting the Russian state-controlled oil company and a Russian natural gas giant respectively. "We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression," Ben van Beurden, Shell's chief executive, said in a statement. Shell is Europe's largest oil company.
Exxon Mobil Also Announces Departure
Exxon Mobil on March 1 announced it would end Russia oil and gas operations valued at more than $4 billion and halt new investment due to the invasion. The company did not provide a timetable for its exit, nor comment on potential asset write-downs. Earlier, Exxon Mobil began removing U.S. employees from Russia. The number of staff being evacuated was unclear, though the company reportedly sent a plane to Sakhalin Island to retrieve employees.
(Reuters)
Apple Halts Sales in Russia
Apple stopped sales from its website in Russia. The move followed a plea from Ukraine's Vice Prime Minister Mykhailo Fedorov, who wrote to Apple CEO Tim Cook asking the company to stop device sales and to block app store access in Russia.
Other Companies Retreat from Russia
Others retreating from Russia include Dell Technologies, Ford and Ericsson. The world's biggest container ship operators—A.P. Moller-Maersk A/S and Mediterranean Shipping Co.—said they would temporarily suspend services to Russian ports, although they would continue moving food to and from Russia.
Supply Problems
Volkswagen, BMW and Porsche said they would have to curtail production at some factories, as Ukraine produces crucial electronic components. Volkswagen is Europe's largest carmaker. Porsche is part of the Volkswagen Group. Motor vehicles are Germany's biggest export.
Mercedes-Benz did not announce any shutdowns. "It is too early to assess the full extent of this escalation and its implications on our business," the company said in a statement. However, the company subsequently announced it was halting exports to Russia.
(The New York Times) and (The Wall Street Journal)
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