As Russia continues its invasion of Ukraine, Western companies are taking notice. Furthermore, it doesn’t seem like Russia has any plans of pulling out until the country is able to “take control of all of Ukraine.” As the rest of the world largely condemns Russia, its citizens are noticing that they are losing access to many Western companies.
For example, popular clothing company Canada Goose (NYSE:GOOS) announced that it is “deeply concerned” with the events occurring in Ukraine and has suspended all wholesale and e-commerce sales to Russia. But Canada Goose is certainly not the only company making such moves. In fact, that is just the tip of the iceberg.
So, who else is cutting ties with Russia? Let’s jump right in.
List of Companies Cutting Ties With Russia: Ford (F)
Ford (NYSE:F) announced on Tuesday that it would be suspending its operations in Russia. The legacy automaker has a 50% stake in Ford Sollers, which is a joint venture between Ford and Russia’s Sollers. In addition, the legacy automaker has manufacturing plants in three Russian cities: St. Petersburg, Elabuga, and Naberezhnye Chelny. These three plants produce a variety of vehicles, including the Ford Focus, Ford Ecosport and Ford Transit.
Ford has also “significantly wound down” its reliance on Russia in the past few years. However, the company still employs around 4,000 Russian workers through its joint venture.
Exxon Mobil (XOM)
Exxon Mobil (NYSE:XOM) announced this week that it would be shutting down production from its offshore project located off the coast of Sakhalin Island. The energy company owns a 30% stake in the project, which Exxon called “one of the largest single foreign direct investments in Russia.”
List of Companies Cutting Ties With Russia: Disney (DIS)
Entertainment conglomerate Disney (NYSE:DIS) disclosed that it is pausing the release of all theatrical films in Russia. Disney also stated that it will “make future business decisions based on the evolving situation.” The company has several films that were set to released soon in Russia, such as “Turning Red” and “Lightyear.”
The streaming giant said on Monday that it would not air Russian state-controlled TV channels on its platform. By doing this, Netflix (NASDAQ:NFLX) is directly breaking Russian law. The law states that any media platform with more than 100,000 subscribers must air free Russian news and entertainment channels. It has not yet been reported as to how Russia will respond to Netflix’s actions.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.