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Factbox-Corporate ties to Russia uprooted as sanctions tighten -Breaking

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© Reuters. FILE PHOTO – Equinor’s flag is flown next to its headqurters at Stavanger (Norway), December 5, 2019. REUTERS/Ints Kalnins/

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(Reuters] – Russian sanctions have prompted companies to take steps to reduce, stop or even eliminate their business in Russia.

Here is a listing of Russian companies who have indicated plans to leave Russia, or reduce their activities in Russia.

AUTOMAKERS

Daimler Truck (OTC:) Truck announced that it will immediately freeze all Russian business operations, and its collaboration with Kamaz Russian truck manufacturer Kamaz.

Mercedes-Benz Group (pre-spinoff) is exploring legal options for the quick divestment of its 15% interest in Kamaz.

Volvo Cars of Sweden announced that it will suspend all car shipment to Russia until further notice. According to industry data, Volvo sold about 9,000 cars in Russia by 2021.

General Motors (NYSE) announced that it will suspend any vehicle exports from Russia for a while. Detroit’s automaker does not own any Russian plants and only sells around 3,000 cars annually. It also has limited exposure to Russia’s supply chain.

Mitsubishi Motors Japan (OTC:) has indicated that it will suspend Russia’s production and sales of Mitsubishi cars due to possible supply chain disruptions.

French automaker Renault Due to logistic bottlenecks, (PA:), will temporarily suspend operations in its Russian car assembly plants next week.

According to Citibank, Renault is one of the most vulnerable Western businesses to Russia. It makes around 8% from its core earnings. Avtovaz Russia’s most important carmaker is also under its control.

Jaguar Land Rover, a luxury car manufacturer, has halted deliveries to Russia.

Harley-Davidson Inc. (NYSE 🙂 stated that it had stopped business and suspended shipments of bikes to Russia.

AVIATION

AerCap Holdings will stop leasing aircraft to Russian airlines. It is the world’s largest aircraft leasing firm.

According to the company, about 5% of their fleet was on lease with Russian airlines as of 2021.

BANKS

The Global Bank HSBC will be ending its relations with a variety of Russian banks, which includes VTB, the second largest.

The bank is not directly exposed in Russia with only 200 employees and an annual revenue of $15 million. This contrasts to its $50 billion global income.

Nordea Nordic Bank said that trading was suspended in Russia-exposed funds

Two people familiar with the situation told Reuters that Raiffeisen Bank International, (RBI), is considering leaving Russia. Nearly a third of group net profits last year was contributed by the Austrian Bank’s Russian operations. The spokesperson for RBI stated that they had no plans of leaving Russia.

ENERGY

TotalEnergies of France said that it no longer provides capital for Russian new projects.

BP (NYSE.) has decided to sell its Russian oil giant Rosneft’s 19.75% stake. Shell, however, stated that it would be exiting all Russian operations. The flagship Sakhalin-2 LNG plant, which Shell owns a 27.5% interest and 50% of which Gazprom (MCX.) controls, is the only one in Russia.

Equinor, the Norwegian energy giant Equinor will be starting to divest from Russian joint ventures. Over 30 years of presence in Russia, Equinor has entered into strategic cooperation agreements with Rosneft in 2012.

Denmark’s Orsted (OTC) has stopped purchasing Russian coal and biomass for its power plants. However, it will continue to source up to two billion cubic metres from Gazprom every year in a long term contract.

Orsted said that they were not entering into contracts with new companies and aren’t using Russian suppliers.

FILM

Hollywood Studios Disney, Warner Bros. and Sony Pictures Entertainment announced that they will suspend theatrical release of new Russian films.

INDUSTRIALS

The Russian operations of Sandvik, a Swedish engineering company, have been suspended.

Russia was home to 3.5% of Sandvik’s 2021 sales. While there is no manufacturing in Russia, the group employs approximately 900 people in sales and service.

LOGISTICS

U.S.-based United Parcel FedEx Corp (NYSE 🙂 and Service Inc (NYSE :), the two largest logistic companies in the world, announced that they will stop delivering to Russia and Ukraine.

Ocean Network Express Container Shipping Company has suspended Monday bookings from Russia.

In response to Western sanctions against Moscow, Maersk shipping group will temporarily stop all container shipping from Russia to and from.

Maersk offers container shipping services to St. Petersburg, Kaliningrad, in the Baltic Sea and Novorossiysk, in the Black Sea and Vladivostok, Vostochny, on Russia’s eastern coast.

Deutsche Post (OTC) announced that it has stopped DHL delivery to Russia.

Hapag Lloyd, the German shipping company Hapag Lloyd stated it had suspended all bookings from Russia for a while and stopped sailings to Ukraine.

MSC, a shipping company has stopped booking cargo to or from Russia. However, it will continue to accept humanitarian and food cargoes.

TELECOMS

Ericsson, a Swedish manufacturer of telecom equipment (BS:), has suspended its Russian deliveries as it evaluates the possible impact of sanctions on their business.

Nokia (NYSE 🙂 will cease deliveries to Russia as a result of sanctions. It supplies MTS in Russia and Vimpelcom, Megafon, Tele2 and Megafon in Russia.

OTHER SECTORS

Finnish tire manufacturer Nokian Tyres has moved production from Russia to Finland, and vice versa.

A spokesperson from Nokian stated that Nokian makes approximately 80% in Russia of its 20 million-tyre annual capacity. The company employs roughly 1,600 people.

Finnish chemical firm Kemira has stopped deliveries to Russia, Belarus and other countries from March 1st until further notice.

Dell Technologies, a laptop maker (NYSE:) Inc announced that it has suspended its product sales to Russia and Ukraine.

German sportswear brand Adidas (OTC:), has ended their partnership with Russian Football Union (RFS).

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