Biden plans to ease sanctions on Venezuela to isolate Russia and increase oil production
As the Russian invasion continues, more and more companies continue to announce that they are ceasing to do business with Russia.
On Monday, Italian fashion group Prada and Japanese carmaker Nissan became the latest companies to pull out.
Prada suspended operations in Russia, citing the Russian invasion of Ukraine. The Prada group also owns Miu Miu, Car Shoe, Churches and Marchisi.
Prada spokeswoman Marta Monaco told CNN: “The Prada Group has suspended its retail operations in Russia. Our main concern is for all colleagues and their families affected by the tragedy in Ukraine, and we We will continue to support them.” The statement follows Prada and other Italian fashion houses’ pledge to donate to Ukraine. Supporting companies include Armani, Bottega Veneta and Dolce & Gabbana.
Responding to the donation, UNHCR’s representative for Italy, Chiara Cardoletti, said: “We estimate that 12 million people in Ukraine will need assistance and protection, while more than 4 million Ukrainian refugees may need protection and care in neighboring countries in the coming months. .” Citing the need for immediate help, Caedoletti added in his statement: “Enormous resources are needed and that is why we hope that in the next few hours, other companies in the fashion sector, and d Other sectors will also make their contribution.
Nissan today announced the suspension of vehicle exports to Russia. In a press release issued by the company, the Japanese manufacturer added that it “expects production to stop soon at our factory in St. Petersburg.”
The statement highlighted Nissan’s commitment and support to aiding the humanitarian crisis in Ukraine by establishing a fund of 2.5 million euros (approximately $2.7 million). “€1 million would be donated to the Red Cross and other non-profit organizations to support ongoing emergency activities that are providing vital assistance and essential supplies to families and children at this time. Where it helps, the company is also willing to donate vehicles.”
Company CEO Makoto Uchida said, “We have all been touched by the suffering of so many people and families, including members of our own Nissan family. We created the Nissan Cares Fund to support our employees and support international efforts that are working around the clock to respond to this immeasurable human tragedy.
Other automakers ceasing business with Russia include: General Motors, Toyota and Volkswagen.
On Sunday, American Express became the latest credit card company to announce it was ending operations in Russia as its invasion of Ukraine intensifies.
The company said in a statement that American Express cards issued globally will no longer work in Russia, and cards issued in Russia will not work outside the country.
American Express also announced that it was ending its business activities in Belarus.
“This is in addition to previous actions we have taken, which include ending our relationships with Russian banks affected by U.S. and international government sanctions,” American Express said in a statement on Sunday.
A day earlier, Mastercard announced it was suspending network services in Russia, and Visa also announced it was suspending all operations there.
Social media companies also restrict access in Russia. In the latest move, TikTok said on Sunday it was suspending certain features in Russia in light of the country’s new law criminalizing misinformation.
“In light of Russia’s new ‘fake news’ law, we have no choice but to suspend live streaming and new content from our video service while we consider the implications of this law for security,” the company tweeted. “Our in-app messaging service will not be affected.”
The company added in a blog post, “We will continue to assess the evolving circumstances in Russia to determine when we can fully resume our services with safety as a top priority.”
Facebook’s parent company Meta said it would block access to Russian media outlets RT and Sputnik across the European Union.
The move comes after receiving “requests from a number of governments and the EU to take further action regarding Russian state-controlled media,” wrote Nick Clegg, vice president of global affairs at the company, in a tweet.
Meta also said it applied algorithmic restrictions to Russian state media that should prevent it from appearing as prominently in user feeds.
Twitter also announced plans to “reduce visibility and amplification” of content from Russian state media.
A multitude of other companies are withdrawing from Russia. Read more here.