Netflix, TikTok, Samsung, others exit Russia

Netflix, TikTok, Samsung and credit card operators have joined the lengthening list of businesses cutting ties with Russia or reviewing their operations in the country as reputational and financial risks mount.

International sanctions, the closure of airspace and transports links due to the war, and the financial restrictions on SWIFT and capital controls have made it difficult if not impossible for many companies to supply parts, make payments and deliver goods to and from Russia. Added to that, the potential international consumer backlash against any company perceived as helping Vladimir Putin’s regime means that the exodus of corporations from Russia has become a stampede.

The rout reverses three decades of investment there by foreign businesses after the Soviet Union broke apart in 1991, especially in energy. Here are some of the biggest companies that have begun to unravel their connections:

Russia’s largest foreign investor, BP Plc, led the way with its surprise announcement on Feb. 27 that it would exit its 20% stake in state-controlled Rosneft, a move that could result in a $25 billion write-off and cut the company’s global oil and gas production by a third.

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