Russia-Ukraine War Latest Update: Luxury watch brand Rolex is the latest firm to halt Russia operations, according to Spectator Index. In a similar manner, fast-food giants like McDonald’s, Pizza Hut and beverages maker Coca-Cola have already announced the suspension of their operations in Russia.
Russia-Ukraine War: As the Russia-Ukraine war has entered 14th day on Wednesday, it was learnt that over 300 firms so far have shut down their operations in Russia so far. On the other hand, Russia is facing global criticism for attacking Ukraine. The anger over Ukraine invasion has led to sanctions by the West as well as several companies shutting their operations in Moscow and other Russian cities. A report by Yale School of Management stated that more than 300 companies have left Russia in the past two weeks.
Notably, luxury watch brand Rolex is the latest firm to halt Russia operations, according to Spectator Index. In a similar manner, fast-food giants like McDonald’s, Pizza Hut and beverages maker Coca-Cola have already announced the suspension of their operations in Russia.
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In the meantime, the US has imposed an immediate ban on imports of Russian energy, sparking a further increase in the oil price, which rose around four per cent on Tuesday.
Considered as the world’s second-largest exporter of crude oil, Russia has warned that the cost of oil will skyrocket further if the West implements bans.
The UK said it aimed to phase out imports of Russian oil by the end of 2022. Moreover, the European Union (EU) plans to cut dependency on Russian gas this year by two-thirds.
List of big companies that have halted operations in Russia so far:
- Rolex
- McDonald’s
- Coca-Cola
- PepsiCo
- Starbucks
- Netflix
- TikTok
- Samsung
- Visa
- Mastercard
- American Express
- General Electric
- General Motors
- Ford Motor Co
- Volkswagen AG
- Toyota Motor Corp
- Volvo AB
- Daimler Truck Holding AG
- Shell
- Unilever
- Levi Strauss and Co
- Microsoft
- Apple
- Nike
- Conde Nast
- Apart from this list of companies, there are some Hollywood studios such as Walt Disney Co, Paramount Pictures, Sony Corp, and AT&T Inc’s WarnerMedia and Comcast Corp’s Universal Pictures, have also halted or postponed the release of movies in Russia.
