Companies have taken steps to restrict, suspend or remove their businesses from Russia following a wave of sweeping sanctions imposed on Moscow following Russia’s invasion of Ukraine.
The following is a list of European companies that have announced plans to leave Russia or limit their activities there:
AERCAP
The world’s largest aircraft leasing company AerCap Holdings, based in Dublin, will stop leasing to Russian airlines.
The company says that about 5% of its fleet per net book value was leased to Russian airlines at the end of 2021.
BP
BP is withdrawing its stake in Russian oil giant Rosneft at the end of three decades of operation in the country.
BP received revenue from Rosneft in the form of dividends totaling approximately $ 640 million in 2021, about 3% of its total cash flow from operations.
DAIMLER TRUCK
Daimler Truck plans to freeze its business in Russia with immediate effect, including cooperation with Russian truck manufacturer Kamaz.
No more trucks will be built as part of the joint venture with Kamaz and no other components will be delivered to it, the group said in an internal note to Reuters.
EQUINOR
Norwegian energy group Equinor will begin the process of withdrawing investments from its joint ventures in Russia.
The group has been present in Russia for more than 30 years and in 2012 agreed on a strategic partnership with the Russian Rosneft.
ERICSSON
Swedish telecommunications company Ericsson is suspending deliveries to Russia as the company assesses the possible impact of sanctions on its operations there.
HSBC
The World Bank HSBC is beginning to end its relations with a number of Russian banks, including the second largest, VTB.
The bank has a small direct exposure in Russia, with about 200 employees and an annual revenue of $ 15 million in the country, compared to its global revenue of $ 50 billion.
MAERSK
The Maersk Shipping Group is considering suspending all container bookings inside and outside Russia in preparation for sanctions and restrictions imposed on the country.
MERCEDES-BENZ
The Mercedes-Benz group is considering legal options to transfer its 15% stake in Kamaz as soon as possible, the German newspaper Handelsblatt reported.
NOKIAN TIRE
Finnish tire maker Nokian Tires is shifting production from some of its core product lines from Russia to Finland and the United States.
Nokian produces about 80 percent of its annual production in Russia, and employs about 1,600 people in the country, a company spokesman said.
ORSTED
Danish energy company Orsted has stopped supplying Russian coal and biomass to its power plants, but will continue to buy up to 2 billion cubic meters of gas a year from Gazprom on a long-term contract.
Orsted also said it was not concluding new contracts with companies or using suppliers from Russia.
RENAULT
French carmaker Renault will suspend some work at its auto parts plants in Russia next week due to supply chain bottlenecks that have caused parts shortages.
Renault is among the western companies most exposed in Russia, where it makes 8% of its core profits, according to Citibank. It controls Avtovaz, Russia’s largest carmaker.
SANDVIK
The Swedish engineering group Sandvik is suspending its activities in Russia.
Sandvik generated about 3.5% of its revenue in 2021 in Russia. The group has no production in the country but about 900 employees in sales and services.
VOLVO CARS
Swedish carmaker Volvo Cars will suspend car shipments to the Russian market until further notice.
Source: Capital
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