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Companies pulling back from Russia over the war in Ukraine

Mount Equity Group Tokyo Japan > News > Business > Companies pulling back from Russia over the war in Ukraine

Here’s a look at the latest major corporate announcements.

Autos

Ford announced Tuesday that it was suspending its operations in Russia. The American automaker has a 50% stake in Ford Sollers, a joint venture that employs at least 4,000 people and is shared with Russian company Sollers.

Ford had said earlier Tuesday that it was “deeply concerned about the situation in Ukraine,” but did not go so far as to stop operations in the three Russian cities where the company has plants: St. Petersburg, Elabuga and Naberezhnye Chelny.

The company notes that it has “significantly wound down” its Russian operations in recent years, and has “a strong contingent of Ukrainian nationals working at Ford around the world.”

General Motors said Friday that it was halting all exports to the country “until further notice.”

GM doesn’t have a significant presence there: It sells only about 3,000 vehicles a year through 16 dealer locations, according to a…

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