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Since Thursday, February 24th, when Russia invaded Ukraine, tons of companies, from clothing companies such as Nike to media services such as Netflix, have decided to cut ties with Russia and suspend their services. The reason behind the decision to close their stores in Russia is to express their disapproval of Russia invading Ukraine. Apple, who just expanded into Russia with a brand-new office building in Moscow, Russia, was hiring people to work in the building right before the invasion, so they didn’t just cut off their products in the country, but also the use of the brand new building.
It’s not just Apple dealing with cutting ties with Russia; it’s also big-time oil companies like BP. BP had a $14 billion stake in Russia, which has severed ties with Russia. The cancellation of this $14 billion deal ends one of the world’s most significant investments in Russia. The deal was so important to Russian President Vladimir Putin that he attended the signing ceremony. BP is not the only oil company cutting its ties with Russia in the energy market. It’s Shell and Exxon Mobil too. Shell is ending its joint companionship with Gazprom, a Russian natural Gas giant, and Exxon Mobil is terminating all its involvement in their project in developing three new oil and gas fields near Russia.
Oil and clothing companies are not the only business closing in Russia, so is the food market. Mcdonalds announced that they were temporarily closing 850 locations in Russia, and Burger King is ending all its corporate support for all 800 sites operated by local franchisees in Russia. In addition, Yum Brands Is closing all their 120 stores with KFC and Pizza Hut restaurants. This is just the beginning of companies cutting ties with Russia.
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