Moscow, Europe Brief News – Three weeks on from Russian’s first attack on Ukraine, dozens of Western businesses continue to trade in Russia.
As Apple, Samsung, Mastercard and more global corporations cut ties with Putin’s economy, some businesses are still open to the public. This came as three million people flee their homes in Ukraine.
Since Russia’s invasion began on February 24, the country has suffered widespread damages amid a major bombing campaign.
Ukrainian cities face shortages of food, water, heat, and medicine. Thousands of British people opening up their homes to Ukrainian refugees.
Countries have retaliated by imposing sanctions on Russia and oligarchs such as Roman Abramovich, while large companies like Disney, Starbucks, McDonald’s, and Coca-Cola have suspended business in the country. The sanctions hope to freeze Russia’s economy and its funding of the war.
However, despite Western sanctions, Russian President Vladimir Putin hasn’t shown any signs of calling off the attack anytime soon.
Meanwhile, dozens of companies that remain in Russia say it’s difficult to leave.
Marks and Spencer, Burger King are understood to be restricted by complex franchise deals that prevent them from withdrawing.
These are the firms that are continuing to trade in the country.
Subway and Burger King have both said they don’t actually own any of their Russian stores, which are owned and operated by local franchisees
World’s Most Sanctioned Country
Since the invasion of Ukraine, Western countries imposed unprecedented sanctions against Russia in just two weeks.
Thus, Russia has become the biggest target of global sanctions, overtaking Iran, Venezuela, Myanmar, and Cuba combined.
Spencer Vuksic, director at Castellum.AI, says that this rapid escalation sets it apart from previous global action against countries like Iran.
“The crippling economic sanctions which targeted Iran came over the course of 10 years,” he says. “The same type of sanctions adopted against Russia came just in 10 days.”
The sanctions also target major corporations and financial institutions. This aims to cut off Russia’s access to international markets and foreign reserves.
Noticeably absent are restrictions on Russian energy exports, which would likely have a punishing ripple effect on the global economy.
Here is an ever-growing list of sanctions that have been imposed by countries, businesses and the sporting, arts and music world to date.
