Ikea flees from Moscow, 15 thousand jobs at risk. And other big companies think about it too

The list of large companies that interrupt their business with Russia is getting longer and longer.

Not only out of solidarity with the Ukraine invaded by Moscow but also for economic reasons: the conflict is causing serious disruptions to the supply chain and trade conditions.

From Italy, the banking sector reflects on what to do while Sace (which operates in the insurance-financial sector) launches an alarm on the "credit risk of public and private counterparties" in Moscow after the sanctions imposed by numerous countries that hinder payments in commercial relations with foreign countries and also warns of a "risk of expropriation as retaliation". Assicurazioni Generali closes its representative office in Moscow and Europ Assistance activities in the country.

The Intesa Sanpaolo group, which has 28 branches and over 900 employees in Russia, said its presence there "is subject to strategic evaluations". Unicredit also monitors the situation and reiterates that the bank in Russia represents about 3% of the group's revenues and allocated capital. From Leonardo, who has no commercial relations with Russia for defense activities, they let it be known that in civil matters they will follow every indication of the Government. Michelin has suspended some operations in plants in Europe due to logistical difficulties.

I even step back from the Swedish furniture giant Ikea, which has suspended production, sales, imports and exports, with a direct impact on 15 thousand collaborators in Russia and Belarus, who now risk their jobs. Other factories are stopped, such as that of the Volkswagen car which also suspends exports to Russian soil; also blocked by the main Japanese car manufacturers from Toyota due to critical issues related to the procurement of supplies at the St. Petersburg plant (100,000 vehicles per year), Honda which has decided to stop sending its cars to Russia due to difficulties in the system of Payments as the cars are transferred from the United States, Mazda who will block supplies of replacement parts. Commercial activities in Russia and online closed by Apple and Nike, while Eni has decided to sell its stake in the Bluestream pipeline with Gazprom.

In the energy sector, Shell wants to exit the joint venture with Gazprom and has also distanced itself from Moscow by Exxon planning a gradual exit from the country. On the big industry front, Boeing has suspended technical support and maintenance of its aircraft to Russian companies, BMW has stopped exports, Ford and Mercedes have suspended activities, Renault has closed the Moscow plant, Daimler Truck has terminated its partnership with Kamaz and the German Siemens also stopped.

(Unioneonline / D)