International companies that hold a major presence in Russia are bracing for more sanctions from Western countries.
Russia has already paid a price for its aggression: the country’s stock markets and currency have tanked this week after President Vladimir Putin ordered troops into Ukraine.
Sanctions from the United States and European nations intensified Thursday as Western nations’ leaders condemned Russia’s actions.
Putin warned Russian business leaders on Thursday that he expected further “restrictions” on the economy, but called for business to work “in solidarity” with the government.
Here are some companies with a significant presence in Russia:
The German chemicals maker BASF (BASFY) co-owns Wintershall Dea, one of the financial backers of the suspended Nord Stream 2 gas pipeline, with Russian billionaire Mikhail Fridman’s LetterOne investor group. It says it generates 1% of group sales from Russia.
British oil company BP (BP) is the largest foreign investor in Russia with a 19.75% stake in the country’s national oil company Rosneft. It also holds stakes in several other oil and gas projects in Russia.
The London-listed company bottles Coke for Russia, Ukraine and much of Central, Eastern Europe. It counts Russia among its largest markets and employs 7,000 people there.
The French yogurt maker Danone controls Russian dairy brand Prostokvanhino and gets 6% of total sales from the country.
The French gas utility company is one of five co-financiers of Gazprom’s Nord Stream 2.
The German retailer employs about 10,000 people in Russia where it serves some 2.5 million customers.
The Swiss consumer goods company had six factories in Russia as of 2020, including plants making confectionery and drinks, according to its website. Its 2020 sales from Russia were worth about $1.7 billion.
The French carmaker has a 69% stake in Russian joint venture Avtovaz, which is behind the Lada car brand and sells more than 90% of its car production locally.
The aeroengine maker says Russia contributes less than 2% of total revenue, but 20% of its titanium, which is used to make engine parts and landing gear for long-haul jetliners, is from the country.
Russia’s VSMPO-AVISMA is the French jet engine maker’s largest single supplier of titanium though the French company says Russia supplies less than half its requirements.
The Dutch oil company owns 27.5% of the Sakhali-2 liquefied natural gas project, which has an annual capacity of 10.9 million tonnes and is operated by Gazprom. It’s also one of the five co-financiers of Nord Stream 2.
The French oil company is one of the biggest investors in Russia with a 19.4% stake in Russia’s Novatek, a 20% interest in the Yamal LNG joint venture, 21.6% of Arctic LNG 2, a 20% stake in the onshore Kharyaga oil field and various holdings in the country’s renewables, refining and chemicals sectors, according to its website.
The German utility has a $1 billion exposure to Nord Stream 2, along with five power plants in Russia with a combined capacity of 11.2 gigawatts, providing about 5% of Russia’s total energy needs. It also imports Russian natural gas to Europe.
The United States
The American oil giant has more than 1,000 employees in Russia, and has been in the country for over 25 years.
Its subsidiary, Exxon Neftegas Limited (ENL), has a 30% stake in Sakhalin-1 — a vast oil and natural gas project located off Sakhalin Island in the Russian Far East. It has operated the project since 1995 on behalf of a consortium that includes Japanese and Indian partners, as well as two affiliates of Russia’s largest oil company, Rosneft.
The burger chain has categorized Russia as a high-growth market and continued to open locations there throughout the last decade.
The Oreo maker and owner of Cadbury became the leading chocolate maker in Russia in 2018.
The company employs about 4,000 people at its Russian plants, and its tax payments in 2020 accounted for 1.4% of the Russian Federation state budget, the company said on its website. The former tobacco monopoly relies on the Commonwealth of Independent States, including Russia and Belarus, for about a fifth of its profits.
The Japanese trading house has four offices in Russia, where it sells tires for mining equipment and manages a health checkup center.
The company distributes Mitsubishi Motor vehicles through some 141 dealerships in Russia and has a stake in Sakhalin II gas and oil development project that supplies Japan with liquefied natural gas and trades coal, aluminium, nickel, coal, methanol, plastics and other material. It also supplies power plant equipment and other machinery to Russia.
SBI Bank, established almost three decades ago, offers corporate services and loans to Japanese companies expanding operations in Russia.
The company’s plant in Saint Petersburg, Russia, makes Camry and Rav4 vehicles, and it has a sales office in Moscow. It has about 2,600 staff, including 26 Japanese nationals, at those locations.
– CNN Business’ Mark Thompson and Reuters contributed to this report.