Car shipments were paused. Beer stopped flowing. Cargo ships dropped port calls, and oil companies cut their pipelines. Russia's invasion of Ukraine is leading some of the world's best known brands — from Apple to Disney and Ikea — to abruptly exit a country that's become a global outcast. "You basically have Russia becoming a commercial pariah," said economist Mary Lovely, a senior fellow at the Peterson Institute for International Economics in Washington...
You basically have Russia becoming a commercial pariah.
We are all deeply troubled by the invasion of Ukraine, which represents a terrible setback for the world.
The process to discontinue operations will need to be carefully managed and closely coordinated with the co-venturers in order to ensure it is executed safely.
Given the situation, we have today informed our JV partners that we are suspending our operations in Russia, effective immediately, until further notice.
While we don't have significant operations in Ukraine, we do have a strong contingent of Ukrainian nationals working at Ford around the world and we will continue to support them through this time.
We are working with our NGO partners to provide urgent aid and other humanitarian assistance to refugees.
H&M Group is deeply concerned about the tragic developments in Ukraine and stand with all the people who are suffering.
The war has both a huge human impact and is resulting in serious disruptions to supply chain and trading conditions, which is why the company groups have decided to temporarily pause IKEA operations in Russia.
It's really tough to do business in Russia under the best of conditions. Now it's become just crazy. So getting out is a smart business proposal.
This is like going into business with the Manson family.
- supply chain
- corporate responsibility
- European Union
- Tim Cook
- American Express
- Volvo Cars