157 Global News Post 2

Murray, C., & Grove, B. (2022). Sanctions. Thompson Coburn LLP. Retrieved from https://www.thompsoncoburn.com/insights/blogs/wonkology/post/2022-03-01/sanctions.

Following the military operation in Ukraine, sanctions were imposed on the Russian fossil fuels. As a consequence of the sanctions war, many foreign companies decided to pull out of the Russian market due to high risk. By March 2, BP, Norway’s sovereign wealth fund, ExxonMobil and many more companies had already suspended their projects in Russia and sold all of their Russian assets. In response, Russian authorities imposed temporary restrictions on the exit of foreign investors from Russian assets. Despite this, many companies still announced that they would be selling their Russian assets. Some companies have decided not to fully pull out of Russia, like Nike who only suspended their online store in Russia. Russia relies on many of these foreign companies to make them hundreds of billions of rubles of profit. Without these foreign investors, Russia is already seeing the impacts, with disruptions to the supply chain, higher prices, and a halt in their economic growth.

This article was written by Dmitry Sudakov, a translator and editor who works for Pravda.Ru, an online Russian newspaper, translating for the English version of the website. He used data and figures regarding the different companies pulling out of the Russian market to enhance his point, as well as direct quotes from people like the Prime Minister Mikhail Mishustin. This article provides a different perspective as it came from someone actually within Russia. You can see this as the article never provides any insight or negative views about Russia’s actions and only talks negatively of the companies pulling their assets.

https://english.pravda.ru/business/150536-foreign_companies_russian_market/