Fuel tanks sit at a Rosneft facility outside the town of Neftegorsk in Russia's Samara Region. At the outset of the Ukraine war, Calgary’s Calfrac Well Services had been selling its services in Western Siberia to government-controlled PJSC Rosneft Oil Co.More than two years after Russia’s full-scale invasion of Ukraine, some Canadian companies still have operations in Russia despite pledges to exit the country or statements of support for the Ukrainian people.
“Russia is such a pariah that companies find it difficult to speak plainly,” said Mark Dixon, the founder of the Moral Rating Agency, which tracks companies’ efforts to extract themselves from the country. Mr. Dixon says it’s difficult to nail down exactly how a company has approached its Russian investments simply by looking at their disclosures.
In its disclosures, CCL says its equity partner in the joint venture “has management control of the Russian operations.” It adds that it has ”suspended all future financial support by way of equity injection or additional debt financing.” It recorded revenue of $134-million in 2023, compared with $122-million in 2021. The company reports just revenues and expenses from the Russian operations, rather than a full accounting. The excess of revenue over expenses was $21.9-million in 2023, compared with $13.3-million in 2021.
“Although we are not at liberty to disclose the specific details, Calfrac continues to work with its external advisors to responsibly complete a sale as soon as possible,” he said. “I can confirm that Calfrac has invested significant time, energy and resources into its divestment effort and has made significant progress toward a divestiture of the Russian business.”
But the restaurants still operate under the Burger King name. Ms. Lowe said Restaurant Brands determined it could not terminate its franchise agreements owing to the misdeeds of a government, rather than the franchisees themselves.