This story is being updated.
A growing number of Western companies are exiting Russia in response to its invasion of Ukraine.
The West announced a series of punishing economic sanctions against Russia over the weekend, which caused stocks to crash. The private sector is also responding, with major companies all announcing plans to pull out of Russia.
The move could cost BP—previously the largest foreign investor in Russia—as much as $25 billion. Shell is exiting joint projects with Russia that are estimated to be worth $3 billion.
Norway’s Equinor also announced yesterday (Feb. 28) it plans to exit ventures with Russia estimated to be worth about $1.2 billion.
France’s Total Energies said today (March 1) it will stop providing capital for new projects in Russia, but has not yet said it will pull out of the country all together.
Boeing announced on March 2 that it is suspending “major operations” in Moscow, and closing its office in Kyiv.
US automakers General Motors and Ford said on Feb. 28 that it will suspend all exports to Russia. GM’s exposure to the country is limited, as it only sells about 3,000 vehicles to Russia each year. German company Volkswagen said it was suspending deliveries of cars already in Russia to local dealerships, and Ford is suspending joint ventures.
Swedish car maker Volvo said it would stop shipments to Russia, as well as production and sales in the country, until further notice, citing risks associated with EU and US sanctions.
German truck maker Daimler intends to sell its 15% stake in Russian firm Kamaz, while Mercedes-Benz Group is seeking to divest its stake in Kamaz as well. “I am more than horrified that there can be a war of aggression in Europe,” said Daimler labor official and supervisory board member Michael Brecht. “We cannot simply go back to business as usual.”
Motorcycle manufacturer Harley Davidson has stopped shipping bikes to Russia.
Japanese automaker Toyota said in March 3 it would stop production at its Russia factory and indefinitely stop exports into the country. Nissan, Honda, and Subaru are also halting exports to the country, and Mazda isn’t currently shipping parts to a Russia plant.
Disney will suspend the release of films in Russia, including the upcoming Pixar movie Turning Red, the company said yesterday.
Warner Media and Sony Pictures followed suit, saying they would also pause film releases in Russia.
Meta said it would block Russian media outlets RT and Sputnik on Facebook platforms in Europe, and YouTube announced a similar measure.
Apple has also stopped sales in Russia, and is limiting services including Apple Pay.
Nike halted online sales, saying it couldn’t guarantee deliveries to Russia, while Dell and Ericsson also suspended shipments and sales.
H&M said on March 2 it’s temporarily pausing all sales in Russia, citing concern for “the tragic developments in Ukraine.” Ikea is suspending operations in Russia and Belarus, affecting nearly 15,000 employees.
McDonald’s, which helped signal the end of Soviet communism when it opened its first Russian location in 1990, announced on March 8 that it was temporarily closing all of its restaurants in Russia, but would continue to pay salaries for its 62,000 employees there.
A handful of Western companies have announced their intentions to stay put in Russia, including Koch Industries.
Unilever announced it would continue to sell necessities in Russia, including food and hygiene products, but it has suspended imports and exports of its products in Russia, halted its advertising in the country, and said it “will not invest any further capital” in Russia.