Russia’s business rupture with the West grew wider as Shell, General Motors and others announced plans to end or freeze their dealings with the nation after its invasion of Ukraine.
Even Switzerland suspended its centuries-old policy of neutrality and isolation to say it would join the European Union in closing its airspace to Russian flights and imposing sanctions on Russian President Vladimir Putin and other officials.
“I’m an American patriot and we’re going to do what the American government tells us to do,” he added. The London-headquartered company said it intends to “exit” stakes in joint ventures it shares with Russian gas giant Gazprom, estimating the value of these stakes at $3 billion.These include Shell’s 27.5 percent interest in Sakhalin-2, a large oil and gas project located on Sakhalin Island off Russia’s Pacific coast. Shell and other oil majors have been pursuing large projects on the island since the 1990s.
A GM spokesman said the decision was “due to a number of external factors, including supply chain issues and other matters beyond the company’s control.”it might need to suspend shipping to and from Russia to comply with “ever-evolving sanctions” and airspace restrictions.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia-Ukraine live updates: Ukraine, Russia at Belarus border for talksLATEST: As Ukrainian and Russian delegations meet for talks, an immediate ceasefire and a “neutral status” are the key items to be discussed, officials say.
Read more »
Russia-Ukraine live updates: Putin puts nuclear forces on high alert; Ukraine announces talks with RussiaUkrainians held Kyiv and Kharkiv as Putin's invasion intensified, and President Volodymyr Zelensky accused Russia of attacking civilians.
Read more »
Shell to exit Russia after Ukraine invasion, joining BPShell will exit all its Russian operations, including a major liquefied natural gas plant, it said on Monday, becoming the latest major Western energy company to quit the oil-rich country following Moscow's invasion of Ukraine.
Read more »
Western Companies Pull Back From Russia in Response to Ukraine Invasion, SanctionsThe retrenchment is a dramatic change from a few decades ago, when the fall of the Soviet Union made Russia a promising market for international companies including energy majors, brewers and car makers.
Read more »
Russia-Ukraine live updates: Ukraine rejects Russian offer for talks in BelarusFighting intensifies in Kharkiv, with Russia claiming Ukrainian surrenders
Read more »
US to send missiles to Ukraine; Ukraine agrees to meet with Russia on Monday - live updatesRussian troops have reached Kharkiv, Ukraine. The EU says it will finance military equipment to help Ukraine, and the U.S. approved sending missiles.
Read more »