Mass exodus of companies amid outrage over Ukraine invasion

Mass exodus of companies amid outrage over Ukraine invasion

Brussels: Outrage over Russia's brutal invasion of Ukraine has prompted foreign companies to drastically rethink their commercial relationship with the country. In the week since Russia invaded, several companies have already announced plans to leave while many others are reviewing their business relationships and commercial endeavors there. The exodus comes as western sanctions target Russian banks and the country's access to the SWIFT international payment system, prompting huge losses to the ruble which hit record lows. In response on Tuesday, Russia announced a temporary ban on foreign investors selling Russian assets. "In the current sanction situation foreign entrepreneurs are forced to be guided, not by economic factors, but to make decisions under political pressure," Russia's Prime Minister Mikhail Mishustin said. However, details of how the ban would work in practice and exactly who it would affect have not yet been provided. Here's a look at some of the most significant announcements made by companies with regard to Russia so far. Oil giants move outThe energy sector is by far Russia's biggest, and the most significant announcements so far concern it. BP, the UK oil major, announced at the weekend that it would exit its 19. 75% stake in Rosneft, Russia's