US tech giant Apple said it had stopped sales of iPhones and
other products in Russia, while Ford joined other carmakers by suspending
operations in the country.
Western nations have steadily ratcheted up sanctions on
Russia since it invaded Ukraine last week, including shutting out some Russian
banks from the Swift global financial network.
The measures have hammered the rouble and forced the central
bank to jack up interest rates, while Moscow has responded to the growing
exodus of Western investors by temporarily restricting Russian asset sales by
foreigners.
Russian firms, meanwhile, have felt increasingly squeezed.
Sberbank, Russia's largest lender, said on Wednesday it was leaving the
European market because its subsidiaries faced large cash outflows. It also
said the safety of its employees and property was threatened.
Signalling there would be no let-up from the West, US
President Joe Biden said in his state of the union address on Tuesday that his
Russian counterpart, Vladimir Putin, “has no idea what's coming”, as he joined
European states and Canada in closing US airspace to Russian planes.
With international shippers such as Maersk, Hapag Lloyd and
MSC suspending bookings to and from Russia, the country has become increasingly
shut out of world commerce. Sanctions are also squeezing Russia's aviation
sector.
Boeing's said on Tuesday it was suspending operations as
other aviation companies face growing European and US restrictions on dealings
with Russia clients, affecting leasing planes, exporting new aircraft and
providing parts.
Chorus of condemnation
Exxon said it would not invest in new developments in Russia
and was taking steps to exit the Sakhalin-1 oil and gas venture, after similar
moves to dump assets by Britain's BP, Russia's biggest foreign investor, and
Shell.
However, French firm TotalEnergies stopped short of saying
it would exit Russia, only saying it would not put in new cash.
Apple, which halted sales in Russia, said it was making
changes to its Maps app to protect civilians in Ukraine.
It also joined a growing chorus of Western companies openly
condemning Russian actions.
“We are deeply concerned about the Russian invasion of
Ukraine and stand with all of the people who are suffering as a result of the
violence,” Apple said.
“We deplore Russia's military action that violates the
territorial integrity of Ukraine and endangers its people,” Exxon said, while
Ford said in its condemnation: “The situation has compelled us to reassess our
operations in Russia.”
Motorcycle maker Harley-Davidson suspended shipments of its
bikes to Russia.
The increasing focus of investors in environmental, social
and governance (ESG) issues has added pressure on companies to act swiftly in
ending ties with Russia and Russian entities.
“The only course of action for many is simply divestment,”
said TJ Kistner, vice-president at Segal Marco Advisors, a large US pension
consultant.
Big Western technology companies said they were continuing
efforts to stop Russia from taking advantage of their products.
Apple said it had blocked app downloads of some state-backed
news services outside Russia.
Google, owned by Alphabet, said it had blocked mobile apps
connected to Russian state-funded publisher RT from its news-related features,
including the Google News search.
Google also barred RT and other Russian channels from receiving
money for ads on websites, apps and YouTube videos, mirroring a move made by
Facebook.
Microsoft said it would remove RT's mobile apps from its
Windows App store and ban adverts on Russian state-sponsored media.
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