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Danish Company Vestas Breaks Contract With Russia
Danish company Vestas decided to break a special investment contract with Russia after its invasion of Ukraine. The company is the world's largest manufacturer of blades for wind turbines.
Leroy Carter
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JPMorgan, Goldman Halt Russian Debt Trading After US Tightens Ban
Two giant Wall Street banks are withdrawing from handling trades of Russian debt after the Biden administration’s surprise announcement last week it’s banning US investors from scooping up such assets. This is reported by Bloomberg.
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Adidas Is Not Planning to Renew Operations in Russia
That concerns the work of the official brand stores, internet sales, or delivery services. Originally, Adidas announced about closing all of the partnerships and retail back in March, but would not reveal their speculated deadline for the comeback.
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Russia Quits World Tourism Organization
Russian Prime Minister Mikhail Mishustin has signed an order on the country's withdrawal from the WTO, Russian media reported.
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Finland Plans to Build Fences on Its Border With Russia
Finland's government plans to amend border legislation to allow the building of barriers on its eastern frontier with Russia in a move to strengthen preparedness against hybrid threats amid Russia's invasion of Ukraine. Finland, which is currently applying for membership in the Western military alliance NATO,
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Russia's Sberbank Halts Processing Yuan Payments
From June 7, Sberbank suspended settlements in Chinese yuan for corporate clients. > "Currently, the bank is working with Chinese partners on solving the situation and renewal of the settlements," a company spokesperson said.
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Japanese Machine Tool Company DMG Mori Seiki Has Closed Its Business in Russia
The Japanese corporation DMG Mori Seiki has decided to shut down its business operations in Russia. It is the first major Japanese manufacturer to do so after Russia’s invasion of Ukraine. The company closed its assembly plant in Ulyanovsk and representative office in Moscow. In total, about 270 employees
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Starlink Ukraine Receives Operator’s License
Ministry of Digital Transformation of Ukraine announced that Starlink Ukraine has been granted operator status, which means that SpaceX's representative office will soon start operating in the country. > "The company has just been entered in the register of providers of electronic communication networks and services at
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Russian Economy to Shrink by 18% by 2023
Global banking experts believe Russia's economy will shrink 15% by the end of the year – and a further 3% in 2023 – due to Western sanctions, a mass exodus of companies and a collapse in exports. The figures could be even worse if Europe fully weans itself off Russian
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Canada Delivers Another Sanctions Hit on Russia
The country's government has imposed new sanctions on the Russian oil, gas and chemical industry, with the companies banned from providing construction, transportation, consulting and accounting services. This was reported on the website of the Canadian government.
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Huawei Has Begun Closing Its Official Outlets in Russia
The Chinese company Huawei has begun closing its official outlets in Russia. Currently, four of the 19 stores have stopped working, and more stores will be closed in the next few months, according to Russian media.
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Microsoft Cuts Its Operations in Russia
> “As a result of the changes to the economic outlook and the impact on our business in Russia, we have made the decision to significantly scale down our operations in Russia,” the company said in an emailed statement, reported by Bloomberg. The company noted that more than 400 employees