Corporations in Canada and around the world are taking action as Russia’s attack on Ukraine continues. Major firms in tech, finance, manufacturing, energy and other industries have announced plans to cease investments and the sale of products in Russia, among other initiatives.
Russia continued its offensive against the Ukrainian capital of Kyiv and other key cities on Thursday, after Russian forces seized the southern city of Kherson on Wednesday — the first major Ukrainian city to fall. Delegations from Moscow and Kyiv are set to meet on Thursday for a second-round of ceasefire talks; Ukraine said Russia must stop bombarding Ukrainian cities before any deal can be made. Meanwhile, most NATO countries are sending arms to Ukraine.
All Canadian financial institutions, in coordination with our G7 partners, are prohibited from engaging in transactions with the Russian Central Bank. This eliminates its ability to deploy Russia’s international currency reserves – and further restricts Putin’s ability to finance his war of choice.
Several Canadian companies boycotting Russia during invasion
- Canada Goose said it would suspend wholesale and e-commerce sales to Russia.
- Toronto-based miner Kinross Gold Corp. said it would suspend its Russian operations.
- Cable operators Rogers, Bell, TELUS and Shaw have removed Russian state-owned broadcaster RT from their systems.
- Alberta’s public-investment manager AIMCo says it has started divesting all of its Russian holdings.
- Ross Video is a privately held Canadian company that designs and manufactures equipment for live event and video production and is ceasing business with Russia while donating to emergency efforts in Ukraine.
- The Ottawa Senators make pledge to support Ukraine.
Corporations from around the world taking additional action limiting Russia’s economic ability
- Boeing has “ceased providing parts, maintenance and technical support services” to airlines in Russia, while Airbus also stopped sending spare parts to Russia and supporting Russian airlines.
- Apple has paused all product sales in Russia.
- Ford has closed its three plants in Russia, indefinitely.
- General Motors has suspended its business in Russia.
- Shell announced it would end its partnership with Russian state energy company Gazprom.
- BP said it is divesting its 20% stake in Russian oil giant Rosneft over the invasion.
- Google temporarily disabled Google Maps live traffic data in Ukraine, following reports it was being used to track the movements of Ukrainian civilians and soldiers.
- IBM is matching all employee donations to the International Red Cross.
- Disney, Sony and Warner Bros. are pausing planned film releases in Russia.
- FedEx and UPS have suspended shipments into Russia, while half of the world’s container ships will no longer go to and from the country.
- Soccer’s governing bodies, FIFA and UEFA, have suspended Russian clubs and national teams from all competitions.
- In a statement released Tuesday, the organizers of the Cannes Film Festival said official Russian delegations and anyone linked to the Russian government will not be welcomed
- Retailers in a dozen countries have pulled Russian-made vodka from their shelves, including Australia, Canada, Denmark, Lithuania, Latvia, Estonia, Sweden and Poland.