Nestlé, tobacco groups, game maker Sony join away from Russia

March 9 (Reuters) – Nestlé (NESN.S)Philip Morris (From) Sony video game maker (6758.T) It joined the list of multinational companies that backed away from Russia on Wednesday as pressure mounted from consumers in the West to take a stand against the invasion of Ukraine.

Nestlé, the world’s largest packaged food group, has joined rivals Procter & Gamble (PG.N) and unilever (ULVR.L) In stopping investing in Russia, Mondelez International (MDLZ.O) It will reduce non-essential activities while helping maintain the “continuity” of Russia’s food supply.

Cigarette maker Philip Morris has said it will scale back manufacturing, Imperial Brands (IMB.L) Suspended the company, British American Tobacco Beauty Manufacturing plc (BATS.L) She said her business in Russia continued to operate, but suspended capital investment.

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Sony, whose film studio has already halted its release in Russia, said the PlayStation game console will halt shipments and operations in Russia. “Sony Interactive Entertainment joins the international community in calling for peace in Ukraine,” she said.

Some companies are taking similar actions without calling Russia. Many companies are having difficulty operating in Russia due to sanctions and lack of shipping, as well as pressure from consumers and investors.

Heavy Equipment Manufacturer Deere & Co (den)She said she was “very saddened by the significant escalation of events in Ukraine,” and announced that she had halted shipments to Russia two weeks ago, and later to Belarus, and said she would follow US and international sanctions.

Rio Tinto miner (RIO.L) She is working to maintain Russian fuel supplies for the Mongolian copper mine. Read more

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“The fact is that Mongolia are two very big and powerful neighbors, so it is very important for us to maintain healthy, peaceful and balanced relations,” said the head of Rio’s copper business, Bold Baatar, referring to Russia and China, referring to Russia and China.

But pressures in the West are mounting, and hotel companies Hilton Worldwide Holdings (HLT.N) And Hyatt Hotels Company (HN) They said they would suspend development in Russia. Read more

Coca-Cola company (KO.N) And McDonald’s Corp (MCD.N) Sales in Russia halted on Tuesday in symbolically strong gestures. A senior member of Russia’s ruling party has warned that foreign companies that close down may end up nationalizing their operations. Read more

McDonald’s said the temporary closure of 847 stores in the country would cost it $50 million a month. Read more

Adidas sportswear company (ADSGn.DE) It also outlined the cost of downsizing its operations, saying it would be hit by sales of up to 250 million euros ($276.7 million). Read more

Yum Brands Inc (YUM.N)KFC, the parent company of fried chicken giant KFC, said it had paused investments in Russia, a market that helped it reach record growth last year. Read more

Carlsberg (CARLb.CO) It said it would suspend brewing of the Russian beer of the same name while keeping its Russian Baltica brand operating.

“We feel a moral obligation to our Russian colleagues who are an integral part of Carlsberg, and who are not responsible for the government’s actions,” Carlsberg said, adding that it was withdrawing this year’s financial guidance.

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E-commerce company Shopify Inc (shopping. He joined the crowd, saying he would suspend Russian operations and not collect any fees from Ukrainian merchants, citing the millions of Ukrainian refugees who need support. Read more

laws of war

In response to the mass emigration, Andrei Turchak, Secretary of the General Council of the ruling United Russia party, warned that Moscow could nationalize crippled foreign assets.

“United Russia proposes to nationalize the production plants of companies that announce their exit and the closure of production in Russia during the special operation in Ukraine,” Torchak wrote in a statement posted on the party’s website on Monday evening. Read more

The statement stated that the privately owned Finnish food companies Fazer, Valeo and Poleg are the latest food companies to announce their closure.

“We will take strict retaliatory measures, in line with the laws of war,” Torcak said.

Penalties

Moscow, which has described its invasion of Ukraine as a “special military operation,” has been hit by sweeping Western sanctions that have stifled trade, plunged the ruble and further isolated the country.

Banks and billionaires have also been targeted, as the European Commission prepares for new sanctions targeting Russian oligarchs and politicians and three Belarusian banks, Reuters reported. Read more

While the war in Ukraine and sanctions have boosted the prices of goods that Russia exports like oil, natural gas and titanium, these sanctions have largely prevented Moscow from benefiting from higher prices.

The United States on Tuesday banned imports of Russian oil. Read more

American oilfield services company Schlumberger (SLB.N), which derives about 5% of its revenue from Russia, said the ongoing conflict is likely to hurt results this quarter. Read more

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Trafigura Group, a global commodity trader, has raised a $1.2 billion revolving credit facility from banks to help tackle rising energy and commodity prices. Read more

Norwegian Yara (YAR.OL)Major fertilizer companies said on Wednesday they would reduce production of ammonia and urea in Italy and France due to higher gas prices.

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Reporting from the Reuters offices, Jacob Gronholt Pedersen, Rithika Krishna in Bengaluru, Don Chmilewski in Los Angeles, Bianca Flowers in Chicago, Denny Thomas in Toronto and Ernst Scheider in Houston. Jane Merriman and Matthew Lewis

Our criteria: Thomson Reuters Trust Principles.

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