March 7 (Reuters) – Uniqlo owner Fast Retailing (9983.T) will keep its stores open in Russia, joining a small group of international firms staying put even as dozens of big brands temporarily close operations or they leave the country because of its invasion. from Ukraine
Political pressure is mounting on companies to stop doing business in Russia, while operations have also been complicated by sweeping sanctions affecting everything from global payment systems to a range of high-tech products.
Boeing Co (BA.N) said on Monday it had suspended buying titanium from Russia as it had enough supply for aircraft production, while European rival Airbus (AIR.PA) said it was sourcing titanium from Russia and other countries agree with the sanctions. . Read more
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Major carriers have suspended container routes to and from Russia and many Western companies, from Nike Inc and home furnishings giant Ikea to energy majors BP and Shell (SHEL.L), have gone out of business or announced plans. to leave the country.
Dutch tech investor Prosus (PRX.AS) will cancel a $700 million stake in Moscow-based online platform VK Group, known for social network VKontakte, Russia’s answer to Facebook. VK Group CEO Vladimir Kirienko was added to a US sanctions list after Russia’s invasion of Ukraine. Read more
A spokesman told Reuters the company had not seen a noticeable impact on its supply chain or logistics in Russia, where Uniqlo has 49 stores.
“Clothing is a necessity of life. The people of Russia have the same right to live as we do,” CEO Tadashi Yanai of Japan-based Fast Retailing said in comments first reported by Nikkei, adding that all countries should oppose the war.
By contrast, Levi Strauss & Co (LEVI.N) suspended its Russian operations, including new investments.
Some US companies continue to operate in Russia, including McDonald’s Corp (MCD.N) and PepsiCo Inc (PEP.O), prompting the New York state pension fund, a shareholder of the pair, to urge them and others to consider pausing its operations. there. Read more
The conflict may create opportunities, including the possibility of Europe lifting a ban imposed in 2018 on several Brazilian meatpackers after a scandal in the food sector, the sources said.
“The (Brazilian) industry is prepared to cover the gaps and support the food security of nations that may be short of supplies due to the probable suspension or decrease in chicken and pork exports from Russia and Ukraine,” said Ricardo Santin, president of Meat Lobby. ABPA.
ABPA, which represents companies such as JBS (JBSS3.SA) and BRF (BRFS3.SA) in Brazil, the world’s largest exporter of chicken meat, said that Russia and Ukraine compete with the Brazilians in important markets in Asia, the Middle East and Europe. Read more
Major global companies continue to join Russia’s exit. The big four accounting firms KPMG, PwC, EY and Deloitte moved one by one to cut their ties with Russia, as did the credit card company American Express.
Mutual fund manager Vanguard Group has suspended purchases of Russian securities from its actively managed funds, the top mutual fund manager said on Monday. Read more
Dairy cooperative Arla Foods, French yogurt maker Danone (DANO.PA) and Belgian chemical group Solvay (SOLB.BR) have also suspended operations or investments in the country, while the RIA Novosti news agency quoted the automaker as Nissan saying it would stop production at its factory in St. Petersburg. Read more
Russia on Monday announced new “humanitarian corridors” to transport Ukrainians caught under its bombardment, to Russia itself and to its ally Belarus, a move that Kiev immediately denounced as an immoral stunt. Read more
Russia calls the campaign it launched on February 24 a “special military operation.” He denies targeting civilian areas and says he has no plans to occupy Ukraine.
After Russian President Vladimir Putin signed a new media law on Friday, Chinese-owned video app TikTok said it would suspend live streaming and uploading videos to its platform in Russia. Read more
‘UNJUSTIFIED ATTACK’
Many companies have strongly condemned Russia’s actions in suspending services in the country.
“In light of Russia’s continued and unwarranted attack on the people of Ukraine, American Express is suspending all operations in Russia,” AMEX said on its website. Read more
Netflix, which had already temporarily halted future projects and acquisitions in Russia, has suspended its service “given the situation on the ground,” a spokesman said. Read more
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Reporting from Akriti Sharma, Kannaki Deka and Pratima Desai in Bengaluru, Tim Hepher in Paris; Chris Gallagher in Washington, DC, Rocky Swift in Tokyo, Toby Sterling in Amsterdam, and Promit Mukherjee in Johannesburg; Nayara Figueiredo in São Paulo; Ross Kerber in Boston; Written by Anna Driver, Sayantani Ghosh, and Peter Henderson; edited by Diane Craft, Kirsten Donovan, Bernadette Baum, Susan Fenton, and Nick Zieminski
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