Ukraine: Multinationals Participate in Economic Response | War in Ukraine

MSC and Maersk, Russian Citizenship Services, 11When The world economy is currently deprived of most of its transport capacity for importing and exporting goods, materials and raw materials.

However, the two carriers have specified that they will continue to provide essentials, medical, food and humanitarian equipment. In the afternoon, French shipowner CMA CGM announced similar measures.

In London, the British government closed all ports in the country on Tuesday for boats raising the Russian flag or belonging to Russian interests. In Ottawa, the Government of Canada has also announced that it will close Canadian ports and waters to Russian vessels, including fishing vessels.

On Monday, European energy giants BP and Shell celebrated this opportunity by withdrawing from Russia and announcing their intention to sell tens of billions of dollars in oil and gas assets in Russia.

TotalEnergies stays in Russia

Norwegian oil company Equinor will also sell shares in a Russian joint venture. As part of that, the French group TotalEnergies has declared that it will stay in Russia, but will not develop new projects there. ExxonMobil of the United States has also begun to dismiss American employees engaged in oil and gas production on the island of Sakhalin in the Russian Far East.

Many investors and fund managers have stopped working in the Russian market to put pressure on Moscow.

Photo: Reuters / Lucas Jackson

But energy and industrial enterprises are not the only ones mobilizing this economic response to Ukraine’s expansionist goals.

Many banks and even US payment card companies Visa and Mastercard have excluded multiple Russian financial institutions from the network and terminated partnerships with Russian companies.

Economic attack

Faced with one of the biggest economic protests seen in Europe over decades, Russian airlines have been banned from the airspace of the European Union and many other countries, and the majority of Russian banks Has been excluded from the international information exchange system SWIFT. This adds to the freeze of approximately US $ 630 billion belonging to the Central Bank of Russia reserves.

On Tuesday, 27 members of the European Union agreed to exclude Russian banks from the SWIFT messaging system. EU countries have also approved a ban on Europeans from participating in projects jointly funded by the Russian Sovereign Wealth Fund RDIF. These measures will come into effect on Wednesday.

Leading European asset managers such as Aberdeen and Man Group in the UK, Pictet Bank in Switzerland and Carminac in France are also away from the Russian market and the Moscow Stock Exchange, which suffered a historic decline for a week. ..

The value of the ruble fell by more than 30% yesterday as the Central Bank of Russia raised its key interest rates by 20%, despite repeated efforts by the Kremlin to support its currency.

Key fund managers Liontrust, Swedbank, JPMorgan Asset Management and Danske Invest have all announced that they have indefinitely suspended the activities of the fund, including Russian holdings.

Car maker

Every day, many companies shocked by the invasion of Ukraine listen to Western countries’ calls for a massive economic response to this historic crisis in Europe.

Airlines continue to suspend flights to and from Russia, but major automakers such as Volvo and General Motors have suspended exports to Russia. Japanese car maker Mitsubishi Motors may also stop selling cars in the country, Gigi News Agency reported on Tuesday. Ford, which holds a 50% stake in three Russian plants, has not yet announced its intentions.

Global sporting goods giant Adidas also joined the movement on Tuesday by announcing the suspension of its partnership with the Russian Football Union. [soccer]..

On the web and social networks

RT channel TV.

The channel, funded and commissioned by the Russian state as Russia Today, RT in 2005, is regularly accused of contributing to disinformation in the West.

Photo: AFP / Yuri Kadobnov URI KADOBNOV

The economic war that the West has fought to succumb to the Russian economy and force President Vladimir Putin to withdraw troops from Ukraine is also taking place in the technical realm.

Facebook’s parent company, Multinational Meta, has decided to limit access to Russian state media Russia Today (RT) and Sputnik to the European Union platform. The YouTube giant is blocking two Russian agencies in Europe by targeting the channels linked to them.

Twitter and Microsoft also took steps on Monday to limit the dissemination of information from media outlets affiliated with the Russian government.

EU member states have approved broadcasting in the respective regions of Russia’s state media RT and Sputnik.

From a more symbolic point of view, some major media have decided to use spelling only. Kyiv Designate the capital of Ukraine Kyiv It comes from Russian, not Ukrainian. Several American channels including CNN, BBC and French daily release And the Danish newspaper Jyllands Poten We have already adopted this change.

Finally, the American giant Apple announced last week that it would stop exporting to the country, where it would stop selling its products in Russia after stopping its Apple Pay payment solution.

Even in a movie theater

Western pressure can also be felt in Russian cinemas where Warner Bros. withdraws movies from the screen Batman This was scheduled this week, following Disney’s decision to suspend theatrical release of the movie in Russia.Paramount did the same in the movie Lost city When Sonic the hedgehog 2..

Sony Pictures, a subsidiary of Sony, a Japanese group, has announced that it will stop releasing movies in Russian theaters. Morbius, His new blockbuster.Sony Pictures justified the decision in a press release Continued military action in Ukraine, consequent uncertainty, and the humanitarian crisis unleashed in the region..