Companies are finding it’s not so simple to leave Russia. Some are quietly staying put

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 52 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 92%

United States News News

United States United States Latest News,United States United States Headlines

Increasingly, Russia has put hurdles in the way of companies that want out, requiring approval by a government commission and in some cases from President Vladimir Putin himself

Though companies’ stories vary, a common theme is having to thread an obstacle course between Western sanctions and outraged public opinion on one side and Russia’s efforts to discourage and penalize departures on the other. Some international brands such as Coke and Apple are trickling in informally through third countries despite a decision to exit.

That’s also what student Alik Petrosyan saw as he shopped at Maag, which now owns Zara’s former flagship clothing store in Moscow. Since the initial wave of departures, new categories have emerged: companies that are biding their time, those struggling to shed assets and others attempting business as usual. Over 1,000 international companies have publicly said they are voluntarily curtailing Russian business beyond what’s required by sanctions, according to a database by Yale University.

“This is a complex process, and it has taken longer than we originally hoped for” but now is “almost completed,” said Tanja Frederiksen, global head of external communications. They must find a partner not sanctioned by the West. In Russia, major business figures are often people who are “well connected with the government,” Harms said. “For one thing, they have to sell at a large discount or almost give assets away, and then they go to people whom politically we don’t like – people who are close to the regime.”

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Study links rise in extreme wildfires to emissions from oil companies | CBC NewsAs fires blaze in Alberta, Saskatchewan and B.C., new research has drawn a direct and measurable link between carbon emissions traced back to the world's major fossil fuel producers and the increase in extreme wildfires across western Canada and the United States.
Source: CBCNews - 🏆 2. / 99 Read more »

'Companies that don't comply with federal securities laws will perish” - Prometheum CEO Aaron KaplanThe days of U.S. crypto firms pleading ignorance while profiting handsomely are numbered, according to Aaron Kaplan, founder and co-CEO of Prometheum. Kaplan...
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »