Ukraine uses defense support funds “effectively against Russian aggression”
As the Russian invasion continues, more and more companies are announcing they are going out of business with Russia.
On Monday, the Italian fashion group Prada and the Japanese car manufacturer Nissan were the latest companies to withdraw.
Prada has suspended operations in Russia citing the Russian invasion of Ukraine. The Prada group also owns Miu Miu, Car Shoe, Churches and Marchisi.
Prada’s spokeswoman, Marta Monaco, told CNN: “The Prada Group has ceased its retail operations in Russia. Our primary concern is for all colleagues and their families affected by the tragedy in Ukraine and we will continue to support them.” The statement follows a pledge by Prada and other Italian fashion houses to provide assistance to Ukraine. Supporting companies include Armani, Bottega Veneta and Dolce & Gabbana.
In response to the donation, UNHCR Representative for Italy, Chiara Cardoletti, said: “We estimate that 12 million people in Ukraine will need help and protection, while more than 4 million Ukrainian refugees will need protection and supplies in neighboring countries in the coming months Referring to the need for immediate assistance, Caedoletti added in her press release: “Enormous resources are needed and that is why we hope that in the coming hours other companies in the fashion industry and also in other sectors will contribute. “
Nissan announced today that it will stop exporting vehicles to Russia. In a press release issued by the company, the Japanese manufacturer added that it “anticipates that production at our St. Petersburg plant will soon cease.”
The statement highlighted Nissan’s commitment and support to help with the humanitarian crisis in Ukraine by establishing a €2.5 million (about US$2.7 million) fund. “€1 million would be donated to the Red Cross and other non-profit organizations to support ongoing emergency activities providing lifesaving assistance and essential supplies to families and children at this time. Where it can help, the company is also willing to donate vehicles.”
Company CEO Makoto Uchida said: “We are all moved by the suffering of so many people and families – including members of our own Nissan family. We established the Nissan Cares Fund to stand by our employees and support the international effort working around the clock to respond to this immense human tragedy.”
Other car companies that are going out of business with Russia are: General Motors, Toyota and Volkswagen.
On Sunday, American Express became the latest credit card company to announce it is ending operations in Russia as its invasion of Ukraine escalates.
The company said in a statement that globally-issued American Express cards will no longer work in Russia, and Russian-issued cards will not work outside of the country.
American Express also announced that it would cease operations in Belarus.
“This is in addition to previous steps we have taken, including disrupting our relationships with banks in Russia affected by US and international government sanctions,” American Express said in a statement Sunday.
A day earlier, Mastercard had announced it was ending its network services in Russia, and Visa also announced it was ending all operations there.
Social media companies are also restricting access in Russia. In a final move, TikTok said Sunday it was suspending some features in Russia in light of the country’s new law punishing misinformation.
“Faced with Russia’s new ‘fake news’ law, we have no choice but to suspend live streaming and new content for our video service while we assess the security implications of this law,” 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 being our top priority.”
Facebook parent company Meta announced it would block access to Russian news outlets RT and Sputnik across the European Union.
The move comes after “requests were received from multiple governments and the EU for further action regarding Russia’s state-controlled media,” Nick Clegg, the company’s vice president of global affairs, wrote in a tweet.
Meta has also said it applied algorithmic restrictions to Russian state media, which should prevent it from appearing so prominently in users’ feeds.
Twitter has similarly announced plans to reduce the “visibility and distribution” of Russian state media content.
A number of other companies are withdrawing from Russia. Continue reading here.