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Western Businesses Stop Dealing With Russia Over Ukraine Invasion
- By The Financial District
- Feb 28, 2022
- 2 min read
Some Western companies severed their ties with Russia, and others studied whether and how to do so, as President Vladimir Putin's invasion of Ukraine triggered sanctions and pressure to abandon some business dealings, Ross Kerber reported for Reuters.
Photo Insert: Premier League club Manchester United withdrew the sponsorship rights of Russian airline Aeroflot.
European sports and entertainment businesses were among the first to announce such moves. Premier League club Manchester United withdrew the sponsorship rights of Russian airline Aeroflot, Formula One canceled the 2022 Russian Grand Prix, and organizers of the Eurovision song contest said Russia would not be allowed to participate in this year's final.
The "inclusion of a Russian entry in this year's (Eurovision) contest would bring the competition into disrepute," the European Broadcasting Union (EBU) said in a statement.
Gadget maker Dell Technologies Inc. said it suspended sales in Ukraine and Russia and would closely monitor the situation to determine the next steps.
New US rules on exports to Russia announced on Thursday covered computers, and Dell accounted for about 6% of computer shipments to Russia last quarter, according to researcher IDC. US carrier Delta Air Lines Inc said, without providing a reason, that it had suspended its codesharing service with Aeroflot.
The United States on Thursday imposed sanctions on Russia that targeted five major Russian banks, including state-backed Sberbank and VTB, the country's two largest lenders, as well as wealthy individuals, and announced new export control measures.
On Friday, European Union member states agreed to freeze the European assets of Vladimir Putin and his foreign minister, Sergei Lavrov, among other measures.
Some experts and attorneys said Western executives would seek to end commercial arrangements, even if they were not obliged to do so, to avoid public relations problems or the bureaucracy of trying to navigate sanctions in areas such as technology exports. Insurance companies also stopped dealing with Russian firms.
