First modification:
Corporate actions to censor Russia after its invasion of Ukraine vary widely by company and include some steps required by law and others voluntary. But, despite the exodus undertaken by the majority, a few insist on staying.
Leave, stay or hand over the keys: these were the three options that Russian Deputy Prime Minister Andrei Belousov gave last week to companies that promote community punishment of the country for its invasion of Ukraine.
The official explained that foreign corporations that want to leave the country will receive expedited bankruptcy protections or, if they want to think twice, they can hand over their holdings to local administrators until they decide to return.
And it is that the Western condemnation of Russia for its invasion of Ukraine is not limited to governments. Dozens of companies have decided to temporarily or permanently suspend their operations and even undo their investments in Russian giants.
The most recent step was taken by the large card payment firms: American Express, Visa and MasterCard announced that their customers will no longer be able to use their platforms. The Chinese application TikTok will ban the upload of videos from Russia.
But there are those who decided to challenge the boycott.
A handful of companies decide to stay in Russia
“Clothing is a necessity of life. The people of Russia have the same right to live as we do,” said Tadashi Yanai, the CEO of the parent company of the multinational Uniqlo to justify the decision to stay in the country.
This clothing company has 49 stores in Russia and has no plans to close them, unlike its peers such as the Swedish H&M, or the Spanish Zara, which closed its 502 stores and stopped online sales.
Uniqlo, of Japanese origin, thus follows in the footsteps of giants such as McDonald’s or PepsiCo, which have not given in to pressure from one of their shareholders to stop operating in that nation. Or Burger King and Papa John’s, which ensure that their sales there are in the hands of local owners.
“We have no plans to ask the independent franchisee that owns and operates Papa John’s stores in Russia to close their stores,” the pizza maker said.
Meanwhile, other big consumer brands such as Nestlé, Procter & Gamble and cookie maker Oreo Mondelez have yet to comment on the status of their Russian operations.
with Reuters
First modification:
Corporate actions to censor Russia after its invasion of Ukraine vary widely by company and include some steps required by law and others voluntary. But, despite the exodus undertaken by the majority, a few insist on staying.
Leave, stay or hand over the keys: these were the three options that Russian Deputy Prime Minister Andrei Belousov gave last week to companies that promote community punishment of the country for its invasion of Ukraine.
The official explained that foreign corporations that want to leave the country will receive expedited bankruptcy protections or, if they want to think twice, they can hand over their holdings to local administrators until they decide to return.
And it is that the Western condemnation of Russia for its invasion of Ukraine is not limited to governments. Dozens of companies have decided to temporarily or permanently suspend their operations and even undo their investments in Russian giants.
The most recent step was taken by the large card payment firms: American Express, Visa and MasterCard announced that their customers will no longer be able to use their platforms. The Chinese application TikTok will ban the upload of videos from Russia.
But there are those who decided to challenge the boycott.
A handful of companies decide to stay in Russia
“Clothing is a necessity of life. The people of Russia have the same right to live as we do,” said Tadashi Yanai, the CEO of the parent company of the multinational Uniqlo to justify the decision to stay in the country.
This clothing company has 49 stores in Russia and has no plans to close them, unlike its peers such as the Swedish H&M, or the Spanish Zara, which closed its 502 stores and stopped online sales.
Uniqlo, of Japanese origin, thus follows in the footsteps of giants such as McDonald’s or PepsiCo, which have not given in to pressure from one of their shareholders to stop operating in that nation. Or Burger King and Papa John’s, which ensure that their sales there are in the hands of local owners.
“We have no plans to ask the independent franchisee that owns and operates Papa John’s stores in Russia to close their stores,” the pizza maker said.
Meanwhile, other big consumer brands such as Nestlé, Procter & Gamble and cookie maker Oreo Mondelez have yet to comment on the status of their Russian operations.
with Reuters
First modification:
Corporate actions to censor Russia after its invasion of Ukraine vary widely by company and include some steps required by law and others voluntary. But, despite the exodus undertaken by the majority, a few insist on staying.
Leave, stay or hand over the keys: these were the three options that Russian Deputy Prime Minister Andrei Belousov gave last week to companies that promote community punishment of the country for its invasion of Ukraine.
The official explained that foreign corporations that want to leave the country will receive expedited bankruptcy protections or, if they want to think twice, they can hand over their holdings to local administrators until they decide to return.
And it is that the Western condemnation of Russia for its invasion of Ukraine is not limited to governments. Dozens of companies have decided to temporarily or permanently suspend their operations and even undo their investments in Russian giants.
The most recent step was taken by the large card payment firms: American Express, Visa and MasterCard announced that their customers will no longer be able to use their platforms. The Chinese application TikTok will ban the upload of videos from Russia.
But there are those who decided to challenge the boycott.
A handful of companies decide to stay in Russia
“Clothing is a necessity of life. The people of Russia have the same right to live as we do,” said Tadashi Yanai, the CEO of the parent company of the multinational Uniqlo to justify the decision to stay in the country.
This clothing company has 49 stores in Russia and has no plans to close them, unlike its peers such as the Swedish H&M, or the Spanish Zara, which closed its 502 stores and stopped online sales.
Uniqlo, of Japanese origin, thus follows in the footsteps of giants such as McDonald’s or PepsiCo, which have not given in to pressure from one of their shareholders to stop operating in that nation. Or Burger King and Papa John’s, which ensure that their sales there are in the hands of local owners.
“We have no plans to ask the independent franchisee that owns and operates Papa John’s stores in Russia to close their stores,” the pizza maker said.
Meanwhile, other big consumer brands such as Nestlé, Procter & Gamble and cookie maker Oreo Mondelez have yet to comment on the status of their Russian operations.
with Reuters
First modification:
Corporate actions to censor Russia after its invasion of Ukraine vary widely by company and include some steps required by law and others voluntary. But, despite the exodus undertaken by the majority, a few insist on staying.
Leave, stay or hand over the keys: these were the three options that Russian Deputy Prime Minister Andrei Belousov gave last week to companies that promote community punishment of the country for its invasion of Ukraine.
The official explained that foreign corporations that want to leave the country will receive expedited bankruptcy protections or, if they want to think twice, they can hand over their holdings to local administrators until they decide to return.
And it is that the Western condemnation of Russia for its invasion of Ukraine is not limited to governments. Dozens of companies have decided to temporarily or permanently suspend their operations and even undo their investments in Russian giants.
The most recent step was taken by the large card payment firms: American Express, Visa and MasterCard announced that their customers will no longer be able to use their platforms. The Chinese application TikTok will ban the upload of videos from Russia.
But there are those who decided to challenge the boycott.
A handful of companies decide to stay in Russia
“Clothing is a necessity of life. The people of Russia have the same right to live as we do,” said Tadashi Yanai, the CEO of the parent company of the multinational Uniqlo to justify the decision to stay in the country.
This clothing company has 49 stores in Russia and has no plans to close them, unlike its peers such as the Swedish H&M, or the Spanish Zara, which closed its 502 stores and stopped online sales.
Uniqlo, of Japanese origin, thus follows in the footsteps of giants such as McDonald’s or PepsiCo, which have not given in to pressure from one of their shareholders to stop operating in that nation. Or Burger King and Papa John’s, which ensure that their sales there are in the hands of local owners.
“We have no plans to ask the independent franchisee that owns and operates Papa John’s stores in Russia to close their stores,” the pizza maker said.
Meanwhile, other big consumer brands such as Nestlé, Procter & Gamble and cookie maker Oreo Mondelez have yet to comment on the status of their Russian operations.
with Reuters