Global businesses abandon Russia

Russians will have to go without Facebook, Twitter, Netflix, and TikTok now that Russian President Vladimir Putin has signed into law a bill that criminalizes spreading information other than the government narrative of the war in Ukraine. The punishment for violating the law could range from three years in prison or fines to 15 years in prison for cases deemed to have “severe consequences.” The Kremlin blocked Facebook and Twitter, along with dozens of independent, domestic media outlets. Netflix and TikTok suspended most of their services to protect their employees.

What about other businesses? Many private businesses such as Ford and Toyota have suspended operations in Russia or pulled out entirely. U.S. credit card companies Visa, Mastercard, and American Express all said over the weekend they would cut service in Russia. UPS and FedEx have halted shipping to both Ukraine and Russia for the safety of their workers. Even Hollywood is delaying some movie releases. Among these companies’ reasons for suspending business are supply chain problems, sanctions limiting sales, and solidarity with Ukrainians.

Dig deeper: Listen to Nick Eicher discuss the economic effects of sanctions against Russia with David Bahnsen on The World and Everything in It podcast.