In addition to government sanctions, well-known companies such as IKEA, Nike, Disney, Sony, Warner Bros., Apple, Samsung, Microsoft, Ernst & Young, McDonald’s, Starbucks and Coca-Cola have taken action against Russia.
The list of organizations withdrawing from Russia, closing stores and suspending trade with Russia is increasing day by day. As of March 11 Over 340 companies Withdrawal from Russia, according to data collected by Professor Jeffrey Sonnenfeld of Yale University and a research team at Yale University’s Chief Executive Officer Leadership Institute. The group points out that many companies have not broken their ties with Russia for a variety of reasons.
The motive of the company that suspended the transaction may be due to public opinion about the war.is more than 75 percent of Americans According to a Morning Consultant survey, companies are demanding that they break their business relations with Russia in opposition to the invasion of Ukraine.So far, the ruble has been deeply sunk in value and is losing 40 percent Of its value against the dollar. The Russian stock market closed on February 25 and has not yet reopened.
Luke Fitzpatrick, a guest lecturer at the University of Sydney’s Intercultural Management and Pre-MBA Program, said long-term, despite large and small businesses looking for ways to undermine the credibility of Russia’s behavior. The effect continues to be demonstrated. “One thing is certain,” Fitzpatrick told the Epoch Times. “The country has experienced a serious economic crisis.”
For some of these companies, especially energy companies, this change will have a huge impact. To others, the impact is less obvious. Russia is a major global producer of gas and oil.McDonald’s is about 850 places in Russia, And most of them are owned by the company. In the semiconductor industry, Russia accounts for less than 0.1% of global chip purchases.
JP Morgan Estimate Russia’s economy will shrink, declining 20% from the first quarter to the second quarter, and could fall by about 3.5% in 2022. Imposing capital restrictions, “explained the JPMorgan team.
Small businesses are also keeping pace, many for reasons ranging from social causes to personal connections.Marina Mirchevskaya is the founder of CreativelyBoxHold a paint party and provide a box filled with the supplies needed to create a work of art.
“I was born in the former Soviet Union and have many friends and family from Ukraine, so I felt a strong personal connection with the conflict in Ukraine and wanted to do more,” Mirchevskaya told The Epoch Times. .. She starts by launching her special edition Paint Box and donates 15% of each sale from her line to Save the Children Ukraine Crisis Relief Fund. “My goal is to get people together to make beautiful things while providing compassion and support to the Ukrainian people,” added Mirchevskaya.
Lemon.ioThe market, which has Ukrainian staff connecting European freelance developers and startups, is a full-scale invasion of Ukraine that launched a few weeks before Russia began. Elena Fabrykant, Marketing Manager at Lemon.io, told The Epoch Times: After taking the initiative, the company saw other IT companies doing the same and looked for ways to support Ukraine-based employees.
After the official outbreak of the war, Lemon.io took further action. “All income in February and March goes to the Ukrainian army,” Fabrykant said. The company also said, “Povernys Zhyvym(Back and Alive) Fund. The charity has been connected to the Ukrainian army since 2014 and provides military auxiliary equipment, specialized software, drones, training, and other equipment. At Lemon.io, “Two company employees have joined the army. They will be paid as promised,” Fabrykant said.
According to Fabrykant, the company has international clients who indirectly support Ukraine by continuing to do business with Lemon.io. “While military personnel protect our skies and lands, executives do their best to protect, work, and help the military,” Fabrykant said.
“To support Ukrainian refugees and counter the Russian invasion, we have decided to launch a week-long fundraiser,” said co-founder Katie Lyon. Supply of loyalty flagThe company that sells the American flag sewn by American seamstresses told The Epoch Times. The company donated 10% of its March weekly online sales to Operation USA, an organization that supports Ukrainians in refugees.
“We believe that the American flag represents the ideal of democracy, not just in the United States, but wherever brave Americans have it,” Lyon said. “Ukrainians may be fighting under their flag, but they are fighting for the same ideal.”
So far, 2000000 He fled Ukraine and landed in neighboring countries such as Hungary, Moldova, Poland, Romania and Slovakia.
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Rachel Hartman is a freelance writer with a business and financial background. Her work has been published in national and international publications for over 10 years. She lives in Miami and travels frequently.