Feb 28 (Reuters) – Companies have taken action to limit, put on hold or exit business activities in Russia following a wave of sanctions imposed after Moscow’s invasion of Ukraine.
Below is a list of European companies that have announced plans to exit Russia or to curb activities there:
BP received revenue from Rosneft in the form of dividends which totalled around $640 million in 2021, roughly 3% of its overall cash flow from operations.
No more trucks will be built under the joint partnership with Kamaz, and no more components will be supplied to it, the group said in an internal memo seen by Reuters.
Swedish telecom operator Ericsson (ERICb.ST) is suspending its deliveries to Russia as it assesses the potential impact of sanctions on its business there.
The bank has little direct exposure in Russia, with around 200 employees and annual revenues of $15 million in the country, against its global income of $50 billion.
Nokian produces approximately 80% of its annual capacity of 20 million tyres in Russia, where it employs around 1,600 people, a company spokesperson said.
Danish energy firm Orsted (ORSTED.CO) has stopped sourcing Russian coal and biomass for its power plants but will continue to buy up to 2 billion cubic metres of natural gas from Gazprom per year under a long-term contract. read more
Orsted also said it is not entering into new contracts with companies or using suppliers from Russia.
Renault is among Western companies most exposed to Russia, where it makes 8% of its core earnings, according to Citibank. It controls Avtovaz (AVAZI_p.MM), Russia’s biggest carmaker.
Swedish engineering group Sandvik (SAND.ST) is suspending its operations in Russia.
Sandvik generated around 3.5% of its 2021 revenue in Russia. The group has no production in the country but about 900 employees in sales and services.