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:
AERCAP
World’s biggest aircraft leasing company AerCap Holdings (AER.N), headquartered in Dublin, will cease leasing activity with Russian airlines. read more
BP
BP is abandoning its stake in Russian oil giant Rosneft (ROSN.MM) in an end to three decades of operating in the country. read more
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.
DAIMLER TRUCK
Daimler Truck (DTGGe.DE) is planning to freeze its business activities in Russia with immediate effect, including cooperation with Russian truck maker Kamaz . read more
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.
EQUINOR
Norwegian energy group Equinor (EQNR.OL) will start the process of divesting from its joint ventures in Russia. read more
ERICSSON
Swedish telecom operator Ericsson (ERICb.ST) is suspending its deliveries to Russia as it assesses the potential impact of sanctions on its business there.
HSBC
Global bank HSBC (HSBA.L) is beginning to wind down relations with a host of Russian banks including the second-largest, VTB. read more
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.
MAERSK
Shipping group Maersk (MAERSKb.CO) considers suspending all container bookings in and out of Russia in preparation for sanctions and restrictions imposed against the country. read more
MERCEDES-BENZ
Mercedes-Benz Group (MBGn.DE) is looking into legal options to divest its 15% stake in Kamaz as quickly as possible, German newspaper Handelsblatt reported. read more
NOKIAN TYRES
Finnish tyre maker Nokian Tyres (TYRES.HE) is shifting production of some of its key product lines from Russia to Finland and the United States. read more
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.
ORSTED
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
French carmaker Renault (RENA.PA) will suspend some operations at its car assembly plants in Russia next week due to logistics bottlenecks that have caused component shortages. read more
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.
SANDVIK
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.
VOLVO CARS
Swedish automaker Volvo Cars (VOLCARb.ST) will suspend shipments of cars to the Russian market until further notice. read more
