These companies are shutting down their business with Russia

Dusseldorf The sanctions against Russia because of the Ukraine war have far-reaching economic consequences. Numerous companies have restricted their business in Russia, put it on hold or are withdrawing.

This is how the auto industry reacted to the Ukraine war

• The Swedish car manufacturer Volvo Cars will no longer deliver its cars to Russia until further notice. In 2021, Volvo sold 9,000 cars there.
• Also the American manufacturer General Motors announces an export stop to Russia. General Motors only sells around 3,000 cars a year in the Russian market and does not operate any plants there.
• Mitsubishi is considering halting production and sales of its cars as sanctions against Russia could disrupt Japanese supply chains.
• Renault has temporarily restricted its activities in Russian plants due to logistical bottlenecks. According to Citibank estimates, the French generate eight percent of their core revenues in Russia and have a majority stake in Russia’s largest automaker Avtovaz.
• The motorcycle manufacturer Harley-Davidson has stopped its business and deliveries in Russia.
• ford engine has informed its joint venture partner Sollers about the suspension of its business in Russia until further notice.
• The manufacturers of luxury cars Jaguar Land Rover and Aston-Martin pause the export of their cars to Russia. Russia and Ukraine account for less than 1 percent of Aston Martin’s sales.

How Lufthansa, Airbus & Boeing deal with the attack by Russia

Withdrawal of banks and funds from Russia

• The Austrian Raiffeisen Bank International According to insiders, it is considering exiting the Russian market as an emergency plan if the Russian subsidiary runs out of money. RBI generated almost a third of its net profit in Russia in 2021. A spokeswoman for the institute said the RBI had no plans to withdraw from Russia.
• At the fund company DWS actively managed retail funds will not make any new investments in Russian securities for the time being.
• Union Investment suspends the issue and redemption of fund units for UniEM Eastern Europe. The fund of the investment company of the Volks- und Raiffeisenbanken had a fund volume of around 100 million euros at the end of January, around 60 percent of which was invested in Russia.
• The global bank HSBC is scaling back its cooperation with Russian banks, including Russia’s second largest bank VTB. HSBC generates only around 15 million of its $50 billion total revenue in Russia.
• The Bank Northea has suspended trading of investment funds with a high exposure to Russia.

This is how Shell, Exxon Mobil and Siemens react