Global Business Giants Suspend Trading With Russia After Putin’s Invasion of Ukraine

Visa and Mastercard have blocked Russian banks from their payment networks, leaving customers unable to use Google Pay or Apple Pay – leading to chaos on Moscow’s metro system

People queue at the ticket office at the Moscow metro station
People queue at the ticket office at the Moscow metro station

Russia is quickly becoming a popular country as more and more global business giants pull out Vladimir Putin of the mode.

Automakers, financial firms and Hollywood studios are among the latest big beasts to suspend dealings with the country as the invasion of Ukraine continue.

Visa and Mastercard have blocked Russian banks from their payment networks making it impossible for customers to use Google Pay or Apple Pay.

This led to chaos on Moscow’s Metro system as contactless payments were refused at turnstiles, forcing passengers to queue at ticket offices.

Hollywood giants like Warner Bros, Disney and Sony have stopped releasing movies in cinemas in Russia, meaning movie fans there will miss out on blockbusters including The Batman, Turning Red and Morbius.

Large investors have begun to abandon Russian investments or keep new investments.

A person counts money at the Danilovsky market in Moscow


Vasily Fedosenko / TASS)

“The corporate world is building a bastion of isolation,” said analyst Susannah Streeter of investment firm Hargreaves Lansdown. Russia from the international community. Companies across the globe are responding to Russian fire with an ice-cold approach, barring Moscow from deals, abandoning billions of dollars worth of investments. ”

British gas owner Centrica said it would withdraw from gas supply agreements with Russian partners, including Gazprom. This supply contract is not affected by the current sanctions imposed by the government but Centrica is still in negotiations to walk away from the agreement.

Owner Chris O’Shea said: “We are shocked by the events in Ukraine and the loss of life. We intend to exit gas supply agreements with our Russian partners, mainly Gazprom, because of an urgent matter. It comes after major oil companies like BP and Shell announced plans to forgo investments in Russia. French giant TotalEnergies said it would no longer provide capital for new projects there.

British carmaker Jaguar Land Rover cited “transactional challenges” as it halted deliveries to Russia. It said it had made the decision taking into account the welfare of the workforce and those “in our expanded network”. BMW said it was “considering further measures” after stopping exports to Russia. Volvo also suspended shipments, citing EU and US sanctions as the reason for the move.

People line up by the Sberbank ATM at the Yevropeisky shopping center in Moscow


Sergei Fadeichev / TASS)

Motorcycle manufacturer Harley-Davidson has suspended business in Russia and shipped goods back to the country. Putin was spotted riding a Harley-Davidson and participating in a gathering of cyclists in Ukraine in 2010.

Two of the world’s largest shipping companies, Maersk and MSC, have suspended bookings to and from Russia to avoid the risk of shipping goods subject to Western sanctions. The move does not include food and medicine.

Adidas has suspended its partnership with the Russian Football Federation, the national team’s soccer kit manufacturer since 2008. It comes after Manchester Utd ended a £40m deal with the airline. Russia Aeroflot.

Apple Inc said it has halted all product sales in Russia, halted all exports to the country, and restricted the use of Apple Pay and other services there.

Russian President Vladimir Putin


Sputnik/AFP via Getty Images)

The Moscow Stock Exchange remained closed for a second day as the ruble continued to weaken, falling as much as 7% against the dollar and euro today. Shares of Russian bank VTB have been suspended from the London Stock Exchange.

The UK’s largest private pension fund, the British Universities Superannuation Scheme, says it is looking to sell its Russian assets. Its boss, Simon Pilcher told Radio 4’s Today program that there was “a clear financial as well as ethical situation for the move, adding: “Very few people want to do business with Russia in the past few months.” this case. ”

Russia has responded by placing temporary restrictions on foreigners seeking to sell their Russian assets. Prime Minister Mikhail Mishustin said the move was made to ensure investors make “a well-thought-out decision, not driven by political pressure”.

Destroyed houses due to shelling by Russian troops in Bucha


Ukrinform / REX / Shutterstock)

Culture Minister Nadine Dorries confirmed that the French satellite broadcasting Russia Today in the UK and EU will be turned off.

“Putin’s polluting propaganda machine will now be severely restricted from entering British homes through our TV screens,” she said.

The global backlash is likely to deal another blow to an already battered economy as interest rates more than doubled this week. Ordinary Russians will be affected, with inflation likely to soar. Many people are queuing at banks to try to withdraw their money.

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Fry Electronics Team

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