The Growing List Of Companies Pulling Back From Russia Over Ukraine Invasion

A growing number of international companies, including Apple, Disney and Ford, are cutting ties with Russia over its invasion of Ukraine. Most recently, streaming giant Spotify closed its Russian office and removed all content from the latter's state-owned media outlets RT and Sputnik on Wednesday.

Meanwhile, Netflix, Dell and Google have also distanced themselves from Russia as the country continues its offensive against Ukraine, which is shortly entering its second week of violence. Countries around the world have also imposed sanctions against Russia, with new measures from the European Union, United States, United Kingdom, Japan, Switzerland and Australia in the recent days.

Companies are concerned about how their corporate image will be affected globally if they continue to do business in Russia.

"Never before have we seen such a significant economy be subject to such comprehensive actions, and at the present pace, we're seeing Russia well on its way to being spoken of in the same breath as Cuba and Iran," Daniel Tannebaum, the global head of sanctions at the consulting firm Oliver Wyman, said, according to NPR.

Here's a look at the latest major corporate announcements:

• Spotify closed its Russian office indefinitely in response to the country’s “unprovoked attack on Ukraine,” though the company said it was not disabling its service in Russia, Variety reported Wednesday
• Technology company Oracle tweeted Wednesday it has “already suspended all operations in the Russian Federation."
• Clothing retailer H&M said Wednesday the company has temporarily paused its sales in Russia
• Winter clothing maker Canada Goose Holdings said Wednesday it would suspend all wholesale and e-commerce sales to Russia
• Toyota Motor Corp will halt production at its Russian factory from Friday
• Honda Motor Company suspended exports of its cars and motorcycles to Russia. However, a spokesperson for the company told Reuters on Wednesday this was because of shipping and payment difficulties
• Dell paused sales of its products in Russia on Tuesday, the Wall Street Journal reported
• ExxonMobil announced it will exit a joint venture off Sakhalin Island in Russia’s Far East. They will also not invest in other developments in the country
• Boeing said Tuesday it has suspended major operations in Moscow along with maintenance, parts and technical support services for Russian airlines
• Nike has disabled online product purchases in Russia
• Ford announced Tuesday it was suspending its commercial van JV in Russia “until further notice"
• Apple said Tuesday it paused sales of its products in Russia
• Snap, Snapchat’s parent company, said the social platform has stopped running ads in Russia
• A spokesperson for BMW told the Wall Street Journal on Tuesday the company “will stop our local production and export for the Russian market until further notice”
• Adidas said Tuesday it was suspending its partnership with the Russian Football Union
• Facebook's parent company, Meta, said Monday it would block access to Russian news outlets RT and Sputnik across the European Union
• Shell is also getting out of Russia and ditching its joint ventures with Gazprom
• Mastercard announced Monday it had "blocked multiple financial institutions" from its network as a result of anti-Russian sanctions, and would "continue to work with regulators in the days ahead"
• DirecTV is cutting ties with RT
• Maersk and MSC Mediterranean Shipping Company are both halting cargo bookings with Russia
• British bank HSBC said it was starting to wind down relations with a host of Russian banks including the second-largest, VTB, one of those targeted by sanctions

The sudden withdrawal of companies has led to the fall of ruble’s value, and forced Russia to increase interest rates sharply.