By Satoshi Sugiyama and Sayantani Ghosh

(Reuters) – Top Japanese automakers including Toyota Russia had to stop its production after Western sanctions, which followed the invasion of Ukraine, hampered logistics and severed supply chains. Its isolation from Russia only made matters worse.

Toyota Motor (NYSE) Corp announced that its Russian vehicle exports had been halted indefinitely following the same moves made by Mazda Motor (OTC) and Honda Motor (OTC).

While many Western corporations have rejected Russia since the attack, others have said they would withdraw their investments. Some Japanese businesses have taken a less ambiguous stance.

“Toyota watches the current developments in Ukraine with great concern and hopes for a safe, quick return to peace,” the statement said.

Toyota, Russia’s most popular Japanese brand is producing around 80,000 cars at the St. Petersburg plant. It employs approximately 2,000 people. The finance ministry reported that autos and automobile parts represented more than half the Japan exports to Russia for 2020.

Mercedes-Benz Group and Ford, as well as BMW and Ford, have stopped exporting vehicles to Russia. Additionally, the MSC and Maersk, the largest shipping lines in the world, suspended container shipping from and to Russia.

Maersk warned Wednesday about the possibility of Russian food and medicine shipments being delayed or damaged by customs, ports and customs delays.

Western sanctions including the exclusion of some Russian banks in SWIFT’s global financial network have prompted dozens global businesses to suspend exports to the country and force the central bank into raising interest rates.

The pandemic has already caused disruption to supply chains. As a result, airspace closures have impacted the aviation freight industry. Additionally, sanctions affect airlines, which are responsible for transporting around half of the world’s air cargo.

Fitch (NYSE:), and Moody’s(NYSE:) each downgraded Russia’s sovereign rating to “junk” on Wednesday. They said that Western sanctions had cast doubt Russia’s ability and will weaken the economy.

CORPORATE ACTION

Moscow responded to Western investors fleeing Russia by temporarily limiting foreign buyers’ access to Russian assets.

Russian businesses, in contrast, are feeling increasingly squeezed.

Sberbank Russia’s most important lender said Wednesday it is leaving the European Market due to cash outflows at its subsidiaries.

Russia continues what it describes as a “special operations” in Ukraine despite the fact that its week-long invasion of Ukraine was condemned by the United Nations in an historic vote. Hundreds of other countries have referred Moscow for investigation into possible war crimes. Moscow claims it seeks Ukraine’s demilitarization and has denied targeting civilians.

Russia is being criticized by corporations in a strong and unrelenting manner.

U.S. energy company Exxon Mobil (NYSE:), will be exiting Russia just as British energy giants BP(NYSE:) or Shell (LON:), stated: “We condemn Russia’s military aggression that violates Ukraine’s territorial integrity and puts its people at risk.”

Apple (NASDAQ) stated that it was deeply worried about Russia’s invasion of Ukraine, and stands with the victims. It also stopped selling iPhones in Russia.

Swedish fashion group H&M which paused sales in Russia, said it was deeply concerned about the tragic developments in Ukraine and “stand with all the people who are suffering”.

Boeing (NYSE:) has suspended technical and maintenance support for Russian airlines.

Airbus SE, a European planemaker, stated that while Russia has been halted from supplies and services it is also analyzing whether it could provide services for local customers through its Moscow engineering center.

Citigroup Inc (NYSE :), who said it might suffer billions in losses due to Russia exposure, stated that they were looking to exit Russian assets as well as trying to buy their Russian consumer businesses.

Cruise companies Royal Caribbean (NYSE:) Group and Viking Cruises have cancelled their Wednesday sailings to Russia. They join many Western cruise lines that have removed St Petersburg from their summer itineraries.