Ukraine: Companies suspend operations while Russia invades the country

The Danish brewery and a bottling company of Coca-Cola today closed their factories in Ukraine after the Russian invasion, while companies that produce products from jet engines to semiconductors warned of problems in the supply of basic raw materials.

Carlsberg, which has a 31% share of the Ukrainian beer market, has stopped production at all three plants in the country, while Coca-Cola HBC has said it has implemented emergency plans to shut down a bottling plant.

Lloyds, Britain’s largest bank, also warned that it was on high alert for Russian cyber-attacks, and that companies operating in the country said they were considering how to protect their staff from the conflict.

Many companies with significant exposure in Russia have said they expect to see the full force of Western sanctions before deciding on their next steps, although the companies that backed the Nord Stream 2 pipeline – whose licensing process has been frozen – have already hit.

Washington yesterday imposed sanctions on the company behind Nord Stream 2, and European Union leaders are meeting later today to decide what punitive measures they will impose in retaliation for the Russian attack.

The share of the German company Uniper, which has power plants in Russia and a $ 1 billion exposure to the Nord Stream 2 pipeline, collapsed today, while the Finnish Fortum, which is a major shareholder of Uniper, was also hit.

Other international companies with staff in Ukraine, such as the Swiss consumer product giant Nestle, said they were closely monitoring the situation and that staff safety was a top priority.