Some Firms Continue Business Operations in Russia Despite Sanctions, Suspensions
Date
4/27/2023 8:29:56 AM
(MENAFN) Since the start of the war between Russia and Ukraine on February 24, 2022, over 1,000 companies have suspended or ended their business activities in Russia due to sanctions and suspensions aimed at pressuring the Russian economy. However, a recent report by Yale University revealed that dozens of firms are still operating in Russia.
Many of the active firms in Russia are from China, including Air China, Alibaba, China Mobile, Agricultural bank of China, Honor, Oppo, Tencent, and ZTE. Meanwhile, 27 German firms, 27 US companies, almost 30 French firms, 12 Italian firms, 7 British firms, and 5 Spanish firms are continuing their business operations in Russia.
However, major Western brands such as Amazon, Apple, and Google have suspended their operations in Russia. Amazon suspended its Russian operations on March 9, 2022, while Apple suspended all official sales in Russia as of March 2, 2022. Google also suspended some services in the country in March 2022, such as the advertising and application market.
In January, a report by St. Gallen University revealed that only 8.5% of EU and G7 companies had taken steps to exit from Russia or suspended their operations there. Despite this, some news stories have asserted that G-7 nations are discussing restricting businesses' operations in Russia.
The ongoing conflict between Russia and Ukraine has resulted in many countries announcing sanctions or suspensions to pressure the Russian economy. Some firms have stopped their operations and deliveries in Russia, while others have ended their investments or withdrawn from their partnerships in Russia, even in Belarus.
Despite the sanctions and suspensions, some firms continue to do business as usual in Russia. While the number of active firms is low compared to those that have suspended or ended their operations, it shows that some companies are willing to continue to operate in Russia despite the risks and challenges posed by the ongoing conflict.
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