- BP exits 19.75% stake in Russian oil & gas giant, Rosneft, which accounts for around half of BP’s oil & gas reserves.
- Apple and Nike halted sales in Russia while Google and Apple removed Russian apps.
- Boeing and vehicle manufacturers like Toyota and Mazda cut shipments and support from Russia.
The Russian ruble plummeting to a record low to start March is not the only economic crisis facing the country.
Russia’s invasion of and subsequent war with Ukraine has left the Western world reeling with a number of big multinational companies taking action of their own to suspend services, sales and support of any kind through operations in Russia.
BP (LON: BP) was the first big name to announce its departure from Russia following the country’s invasion of Ukraine. BP is exiting its 19.75% stake in Russian oil giant Rosneft which accounts for around half of BP’s oil and gas reserves, and a third of its production. BP’s exit is proving costly as the oil and gas giant faces charges of up to US$25bn for its Russian departure.
Apple (NASDAQ: AAPL) and Nike (NYSE: NKE) soon followed in BP’s footsteps, announcing the suspension of sales in Russia with Apple saying it was ‘deeply concerned’ about Russia’s invasion and it “stands with those suffering as a result of the violence”.
Apple also took action to protect Ukrainians by disabling its traffic and live incidents updates in Apple Maps for the whole of Ukraine as a “safety and precautionary measure for citizens”’.
Google (NASDAQ: GOOGL) and Apple removed the apps of Russia’s state-owned media outlet, Russia Today and Sputnik from their respective mobile app stores.
Shares in Apple and Google rose 2% and 0.4% respectively after the tech giants took action to suspend Russian activity.
You can read the full story at Grafa
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