Here are the major US and European companies pulling out of Russia following the invasion of Ukraine

• Major companies are ending decades of business with Russia following Putin’s invasion of Ukraine.

• The latest brands exiting the country include BP, Apple, Spotify, and Ikea.

• Here’s a list of Western companies that have divested from Russia or halted sales to the country.

Companies from around the world are pulling out of Russia as the country plunges into economic free fall following its invasion of Ukraine.

Here are the major US and European companies that have severed business ties with Russia so far:

1. Ikea

Ikea announced on Thursday that it will temporarily close all 17 Ikea stores in Russia while also halting production in the country. The Swedish furniture giant has ceased shipments to and from Russia, The Wall Street Journal reported.

2. Spotify

3. H&M Group

H&M announced on Wednesday that it will temporarily pause all sales in Russia.

“H&M Group is deeply concerned about the tragic developments in Ukraine and stand with all the people who are suffering,” the company said in a statement. “H&M Group cares for all colleagues and joins all those around the world who are calling for peace.”

4. Disney

Disney became the first entertainment giant to pause theatrical releases in Russia on Monday.

“Given the unprovoked invasion of Ukraine and the tragic humanitarian crisis, we are pausing the release of theatrical films in Russia, including the upcoming ‘Turning Red’ from Pixar,” the company said in a statement.

5. Warner Bros.

On Tuesday, Warner Bros. followed suit and announced it would also pause releases in Russia, including
“The Batman,” NYT reported.

6. Canada Goose

Canada Goose suspended all wholesale and e-commerce sales to Russia on Wednesday and donated $100,000 CAD to the United Nations High Commissioner for Refugees.

“We will continue to monitor the situation as it evolves and join others around the world calling for peace,” the company said.

7. Expedia

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Online travel-booking company Expedia ceased the sale of travel into and out of Russia on Wednesday, an Expedia spokesperson confirmed with Insider.

“We are saddened by what continues to unfold in Ukraine and will continue to do what we can to support impacted travelers, partners, and our team members with families and friends in the affected areas,” the company added.

8. Adidas

Adidas ended its partnership with the Russian Football Union on Tuesday. The announcement came one day after FIFA suspended Russia’s teams from international football games, including the men’s 2022 World Cup.

9. ExxonMobil

In a statement on Tuesday, ExxonMobil said it would begin the process to discontinue operations and develop steps to exit the Sakhalin-1 venture, a project it operates on behalf of an international consortium of Japanese, Indian, and Russian companies.

Per the Sakhalin-1 website, it is one of the largest single international direct investments in Russia.

The company said that given the current situation, it would not invest in new developments in Russia.

“ExxonMobil supports the people of Ukraine as they seek to defend their freedom and determine their own future as a nation. We deplore Russia’s military action that violates the territorial integrity of Ukraine and endangers its people,” ExxonMobile said in the statement.

10. Harley-Davidson

Source: Reuters

11. General Motors

Source: Bloomberg

12. Truck manufacturers Volvo and Daimler Truck Holding

13. BP

14. Apple

15. Norway’s energy group Equinor

16. Norges Bank Investment Management, the world’s largest sovereign wealth fund in Norway

Source: Insider

17. LVMH

Luxury fashion giant LVMH — which owns several high-end brands including Louis Vuitton, Christian Dior, Fendi, and Givenchy — confirmed to The New York Times on March 4 that it will temporarily shutter its stores in Russia “given the current circumstances in the region.”

18. Kering

Kering, the conglomerate behind luxury brands such as Gucci, Saint Laurent, Bottega Veneta, and Balenciaga, announced in a statement on March 4 that it is temporarily closing all stores in Russia.

19. Hermès

“Deeply concerned by the situation in Europe at this time, it’s with regret that we have taken the decision to temporarily close our stores in Russia and pause all our commercial activities from March the 4th evening,” Hermès wrote on its LinkedIn page on March 4. “We will continue to stand by our local team.”

20. Chanel

“We will no longer deliver into Russia, we will close our boutiques, and we already suspended our e-commerce,” Chanel wrote in a LinkedIn post on March 4.

21. Inditex

Inditex, the largest global fashion company and owner of the fast-fashion brand Zara, told Reuters on March 5 it will temporarily halt all business with Russia.

“In the current circumstances Inditex cannot guarantee the continuity of the operations and commercial conditions in the Russian Federation and temporarily suspends its activity”, Inditex told Reuters.

22. PayPal

PayPal announced on March 4 that it would suspend services in Russia

“PayPal supports the Ukrainian people and stands with the international community in condemning Russia’s violent military aggression in Ukraine,” PayPal CEO Dan Schulman wrote in a letter to Ukrainian Vice Prime Minister Mykhailo Fedorov which was shared on Twitter.

He continued: “Under the current circumstances, we are suspending PayPal services in Russia. We are also doing all that we can to support our staff in the region during this deeply difficult time.”

23. Visa

Visa said on March 5 that it would temporarily halt business in Russia, effective immediately, with all transactions stopping over the course of the next few days.

24. Mastercard

Mastercard announced on March 5 that cards issued by Russian banks will “no longer be supported by the Mastercard network.”

“We don’t take this decision lightly. Mastercard has operated in Russia for more than 25 years,” the company said in a statement. “As we take this step, we join with so many others in hoping for and committing to a more positive, productive, and peaceful future for us all. “

25. American Express

American Express announced on March 6 that globally issued cards will no longer work in Russia, while cards within the country will cease to function within the company’s larger network. It also suspended business in Belarus.

26. Netflix

The streaming giant announced on March 6 it would pull its business from the country in response to its invasion of Ukraine, as first reported by Variety.

27. TikTok

TikTok suspended all livestreaming and content sharing in Russia on March 6,
writing in a post on its website that it had “no choice” but to halt service in response to the country’s new “fake news” law.

This story is developing. Check back for updates.

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