While the West continues to impose sanctions and cut off ties with Russia, some major global brands have already wound up operations to protest the Russian aggression in Ukraine. Among the big names are McDonald’s, Starbucks, Coca-Cola, PepsiCo, and General Electronics.
Russia’s inherent wealth is widely known. Its oligarchs are loaded with extravagance not just in their own domain but also in countries they choose settle in. Little wonder then that the luxury automobile section is a thriving market in Russia. However, notwithstanding the dent to their commercial prospects, high-end auto and auto part manufacturers such as Mercedes-Benz, Ford, Harley-Davidson and Volvo, have halted their operations. Ford went a step further and also announced a fund donation for Ukrainian refugees.
Major players in the aircraft manufacturing sector, Airbus and Boeing, have suspended parts supply and service support for Russian airlines. Even in the entertainment sector, Russia has been boycotted by almost all the Holly bigwigs and production houses like Disney and Marvel. The firms will not be releasing their films in Russian theatres anymore.
Whether the embargo and sanctions deter Russia’s unleashing of terror remains to be seen. However, there is no doubt that the rouble will suffer as much as the revenue generated from shopping and tourism. Fashion brands like Nike and H&M have closed stores across Russia on a temporary basis while H&M has categorically stated that they stand with Ukraine. Swedish giant IKEA has also wound up its operations in the former Soviet leader.
Banking services operated by Visa, Mastercard, and American Express have been suspended. This decision came shortly after a video call between the Ukrainian President and US lawmakers.
Significantly, technology major Apple has stopped selling their phones and other devices in Russia. Despite not having any physical store outlet, Apple raked in huge business via Apple Pay. State-owned media Sputnik and RT have been blacklisted by Apple. Google too has cut off Russian state media channels from its platform.
One wonders how long can Putin evade an inevitable civil war, loaded with public ire against his stand on Ukraine. Added, the trade ties being cut off are bound to spiral into economic hardships in store for the Russains.
