Apple said it had stopped sales of iPhones and other
products in Russia, Alphabet Inc's Google dropped Russian state publishers from
its news, Ford Motor told its Russian manufacturing partner it was suspending
operations in the country, and Harley-Davidson Inc suspended its business and
shipments of its bikes.
Early in the day, the world's biggest shipping lines, MSC
and Maersk, suspended container shipping to and from Russia, deepening the
country's isolation.
The West has imposed heavy restrictions on Russia to close
off its economy from the global financial system, pushing companies to halt
sales, cut ties and dump tens of billions of dollars' worth of investments.
"We are deeply concerned about the Russian invasion of
Ukraine and stand with all of the people who are suffering as a result of the
violence," Apple said in a statement announcing a pause in sales in Russia
and other measures including limiting Apple Pay and dropping the ability to
download RT News outside of Russia.
The steady drum beat of companies taking a stance increased
later in the day as rockets struck major cities in Ukraine.
"Ford is deeply concerned about the invasion of Ukraine
and the resultant threats to peace and stability. The situation has compelled
us to reassess our operations in Russia," Ford said, adding to several
days of announcements by global car companies.
Nike has made merchandise purchases on its website and app
unavailable in Russia as it cannot guarantee delivery of goods to customers in
the country, an update on the sportswear maker's website showed on Tuesday.
The MSC and Maersk moves mean that Russia - the world's
eleventh-largest economy and supplier of one-sixth of all commodities - is now
effectively cut off from a large chunk of the globe's shipping capacity.
To stem the stampede, Moscow said on Tuesday it would
temporarily curb foreign investors from selling Russian assets but energy firms
BP and Royal Dutch Shell have already decided to abandon their Russian
businesses, while leading banks, airlines, automakers and more have cut
shipments and ended partnerships.
Austria's Raiffeisen Bank International (RBI) is looking in
to leaving Russia, two people with knowledge of the matter told Reuters, a move
that would make it the first European bank to do so since the invasion.
Mining and commodities group Glencore said it is reviewing
all business activities in Russia, including equity stakes in EN+ and Rosneft.
"The corporate world is building up a fortress to
isolate Russia from the international community," Hargreaves Lansdown
senior investment and markets analyst Susannah Streeter said.
Energy companies have been leaders of the rejection of
Russia, and on Tuesday French oil and gas group TotalEnergies said it would no
longer provide capital for new projects in Russia.
Paramount Pictures became the latest Hollywood studio to
halt theatrical film distribution in Russia, announcing on Tuesday that it
would pause the release of upcoming films "The Lost City" and
"Sonic the Hedgehog 2."
FINANCIAL PARIAH
In a matter of weeks, Russia has turned from a lucrative bet
on surging oil prices to a financial pariah with a central bank hamstrung by
sanctions, major banks shut out of the international payments system and
capital controls choking off money flows.
US payment card firms Visa and Mastercard have blocked
multiple Russian financial institutions from their network.
Major auto and truck makers, including Volvo Cars, AB Volvo,
General Motors, Harley-Davidson and Jaguar Land Rover, have also cut off
exports to Russia. BMW said it was discontinuing local production and car
exports to Russia.
Finnish telecoms equipment firm Nokia joined rival Ericsson
in saying it will stop deliveries to Russia to comply with sanctions.
The Swiss-based company that built the Nord Stream 2 gas
pipeline from Russia to Germany is considering filing for insolvency, two
sources familiar with the situation said, as it attempts to settle claims ahead
of a US sanction deadline.
The company, Nord Stream 2 AG, did not comment on possible
insolvency.
The United States has restricted exports of tech hardware,
including computers, sensors, lasers, navigation tools, telecoms, aerospace and
marine equipment, prompting many tech companies, such as Dell Technologies Inc,
to suspend Russia sales.
The big US tech companies are juggling calls to shut
services in Russia with what they see as a mission to give voice to dissent and
protest.
'CLEAR AND UNEQUIVOCAL'
Some US state-linked investors have been vocal in setting
expectations for corporations, with Connecticut Treasurer Shawn Wooden saying
he would direct state pension funds to sell Russian assets.
"We need to send a very clear and unequivocal response
that California will not stand for Russia's aggression," California
Treasurer Fiona Ma said on Monday, declaring support for divesting Russian
assets from the state's pension funds.
Russia calls its actions in Ukraine a "special operation"
that it says is not designed to occupy territory but to destroy its southern
neighbour's military capabilities and capture what it regards as dangerous
nationalists.
Airlines are bracing for lengthy blockages of east-west
flight corridors after the EU and Moscow issued airspace bans, which are
estimated to affect 20 percent of global air cargo. © Reuters