Apple, Ford other big American brands join corporate wave shunning Russia -Breaking
© Reuters. FILE PHOTO – Logo in an Apple Store, Washington, U.S.A, January 27, 2022. REUTERS/Joshua Roberts
Dawn Chmielewski & Ross Kerber
(Reuters) – America’s top-ranked companies, such as Apple, Google Ford, Ford, and Harley-Davidson, have consistently rebuked Russia for the invasion of Ukraine. Investors and customers alike are urging them to reject it.
Apple Inc. (NASDAQ:) announced late Tuesday that it has stopped selling iPhones in Russia and added that its Maps app was being updated to help protect Ukrainian civilians.
Google (NASDAQ:) Inc.’s Google removed Russian state news publishers, and Ford Motor, (NYSE:), which has three joint venture factories located in Russia, informed its Russian manufacturing partner that it is suspending its operations in Russia. Harley-Davidson Inc (NYSE) has suspended the shipment of motorbike maker Harley-Davidson Inc.
Many companies have shown unusual clarity in condemning Russia.
Apple released a statement saying that they were deeply concerned by the Russian invasion in Ukraine. They also stood with the victims of violence.
Later in the day, as missiles struck key cities in Ukraine and increased the drumbeat of companies taking a stand, it became more constant.
Ford is concerned by the threat to stability and peace that the invasion of Ukraine poses. Ford stated that Russia’s situation forced him to reconsider his operations. This statement was in addition to several other announcements from global car manufacturers.
According to a Politico reporter, Boeing (NYSE 🙂 has suspended parts maintenance and technical support for Russian airlines. In a tweet, Boeing (NYSE:) announced that it had suspended its major operations in Moscow. It also said that Kyiv will be temporarily shut down.
Russian economies have been hit hard by Western sanctions. The rouble currency has fallen to an all-time low of 117 dollars per dollar. That’s down from 75 prior to Russia’s recognition of two separate regions within Ukraine. As shipping companies refuse to serve Russian ports, financial isolation is increasing.
Companies that remain on the margins are being impacted by investor interest in ESG factors.
Russian companies face particular danger when dealing with Western investors. They are usually not willing to talk to anyone about changing their behaviour, stated TJKistner, Vice President at Segal Marco Advisors (a U.S.-based pension consultant).
Western investors could respond by pulling their money out. “The only course of action for many is simply divestment,” Kistner said.
Moscow responded temporarily by preventing foreign investors selling Russian assets.
The big tech companies are also making efforts to prevent the Russian military from using their products.
Apple stated that it has blocked the app downloads from some state-backed news agencies outside Russia and added, “We have disabled traffic and live incidents on Apple Maps Ukraine as a safety precautionary measure for Ukrainian citizens.”
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