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US to Impose Technology Sanctions Against China
US President Joe Biden's administration plans to expand restrictions next month on shipments to China of semiconductors used in artificial intelligence and chip-making tools.
Economy
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ExxonMobil Oil Corporation Tries to Exit the Sakhalin-1 Project Through Court
US oil corporation ExxonMobil has taken the first step towards filing a lawsuit against Russia after Russian President Vladimir Putin blocked it from exiting the Sakhalin-1 project, Bloomberg reports. The report notes that ExxonMobil Oil Corporation has been trying to withdraw from the Sakhalin-1 project since March this year, but
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Swiss-Swedish Company ABB Pulls Out of Russia
Swedish-Swiss company ABB, which specializes in electrical engineering, power engineering and information technology, recently withdrew from the Russian market due to Russia's war against Ukraine. The company said in a press release that ABB decided to leave the Russian market due to Russia's large-scale war against
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Hino Motors Has Refused to Launch Production in Russia
Japanese bus and truck manufacturer Hino Motors has refused to build its plant in Khimki near Moscow. This decision is reportedly due to problems related to the payment of taxes and to delays in the construction schedule.
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French Company Air Liquide Is Leaving Russia
French company Air Liquide, which supplies oxygen to Russian hospitals, announced on 2 September that it is leaving Russia. Its assets will be taken over by Russian management and the deal has to be approved by Russian authorities. Details of the agreement have not been disclosed yet. > “Air Liquide
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Tax Free Operator Global Blue Has Exited Its Business in Russia
Swiss tax free operator Global Blue has withdrawn from its Russia business by transferring a stake to a partner. The deal includes an option to buy back the stake within a certain period of time, the company said in a report.
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Finnish Packaging Manufacturer Huhtamaki Sold Its Russia Business for $151 Million
Finnish packaging manufacturer Huhtamaki has announced that it has sold its Russian business to Espetina Ltd, an entity owned by Alexander Govor and Iury Kushnerov. The business was sold for $151 million. The Finnish company announced its intention to leave the Russian market back in April this year following Russia’
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Aluminum Buyer Novelis Excludes Aluminum from Russia from 2023 Supply Tender
An American industrial aluminum company Novelis, a subsidiary of multinational aluminum and copper manufacturing company Hindalco Industries Ltd, announced that in 2023, it will not use metal from Russia to supply its enterprises in Europe.
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Botox Manufacturer Juvederm Cuts 90% of Its Staff in Russia
Allergan fired almost all of its employees in Russia: sales, promotions and medical workers. Only the office that provides for current tasks is now functioning in the Russian Federation.
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Spirits Producers Beam Suntory and Edrington Have Sold Their Maxxium Russia Venture
Spirits producers Beam Suntory and Edrington have announced that they will withdraw from the Russian market. The companies will sell their joint venture, Maxxium Russia, to local management. This was announced by Beam Suntory. In early March, the companies halted shipments of alcohol to Russia because of the invasion of
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Tetra Pak Will Be Exiting Its Remaining Operations in Russia
Tetra Pak, a leader in the field of processing and packaging of liquid food products, is withdrawing completely from the Russian market. > “Tetra Pak today announced that it will be exiting its remaining operations in Russia. This is due to the cumulative impact of the restrictions on exports to
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Electrolux Is Leaving Russia
One of the world’s leading innovative home appliance manufacturers Electrolux has decided to leave the Russian Federation, the company said in a statement. > “Russia’s invasion of Ukraine and the following sanctions have made it impossible for Electrolux to continue its business in the country. The decision to