Seven weeks into Vladimir Putin’s invasion of Ukraine, the number of foreign businesses vowing to leave Russia or scale back there continues to grow well into the hundreds. In the lubricant industry, companies are taking a wide range of tacks – some vowing to exit, others saying they will stay and still others declining to discuss their plans.
The actions taken by companies also varies. At least one supplier says it has already significantly reduced its operations in Russia, while another company says it is still formulating a strategy to leave the country. Plans of some companies may be complicated by draft legislation now before Russia’s parliament that would criminalize compliance with foreign sanctions.
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The invasion that Russia launched on Feb. 24 has drawn widespread though far from universal condemnation, and businesses across the globe have announced actions aimed at registering their protest and adding to the pressure on Russia to withdraw. In some cases, businesses are complying with sanctions ordered by governments, while in other cases they are acting voluntarily.