Economic isolation of Russia intensifies

RUSSIA / FSU POLITICS - In Brief 02 Mar 2022 by Alex Teddy
On March 1 Apple, ExxonMobil, Disney, WarnerMedia, Ford, BP, Shell, Amex, Mastercard, Visa, American Express and Boeing announced that they are leaving Russia or freezing their business there. ExxonMobil was working on the Sakhalin oilfield in the Pacific Ocean. It has operated there since 1995. It specified the invasion of Ukraine as the reason for its withdrawal. The company worked in Russia for Russian, Japanese and Indian companies.TotalEnergies (a French company) is remaining in Russia but not investing more money.Apple is no longer selling products in Russia and it is restricting the use of Apple Pay and other products in Russia. Apple stated that the war was its reason for changing policy. Ukraine had requested that Apple make this move.Aeroflot, Russia's flag carrier airline, flies Boeing 737s and 777s. The airline will not be able to buy spare parts for its planes.General Motors is suspending sales to Russia. Ford used to manufacture vans in Russia but it will do so no longer.Russia said a presidential decree will be signed to forfend the withdrawal of foreign investment. On March 2, Sberbank, Russia's largest bank, announced it is leaving the EU market. It is finding it impossible to operate.On March 2 the Moscow Stock Exchange was closed again.Zelensky appealed for the EU to admit Ukraine to the EU immediately. This would obligate the EU to defend Ukraine and it would also mean that Russia had failed in one of its war aims: to prevent Ukraine joining the EU. There is no sign that the EU is going to admit Ukraine any time soon.Russian forces have surrounded Kyiv. There is heavy fighting in Kharkiv. The Russian Army seems to have taken Kherson.

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