Us maccy to russic12/31/2023 What explains these decisions? Talking to the companies, some certainly reflect the cascading effects of government sanctions. To highlight the breadth of the reaction, the Glasgow Film Festival has even dropped anti-war Russian filmmaker Kirill Sokolov’s new movie, as other venues cancelled ballets and musicals from Russian performers. Disney and other film companies will not release new movies there, Adidas suspended relations with the Russian football team, and Google has halted selling online advertising in Russia. ![]() Netflix has stopped future projects and acquisitions. Spotify has “indefinitely” shut down its Moscow office. The withdrawal has reached cultural economies. It’s not just physical manufacturing being disrupted by supply chain woes either. Toyota has ceased producing in St Petersburg, Honda has suspended Russian exports, and Volkswagen has paused exports to and production in the country. Nike has suspended all product sales, as has Apple, which also banned Russian media apps on its App store. Shipping giants Maersk, MSC, and CMA CGM stopped cargo bookings in and out of Russia, at least for nonessential items. ![]() Ikea, for example, has paused all trade, production, and Russian operations. But a range of private firms are winding down Russian plants, divesting from projects, cancelling associations or contracts with entities and performers, or ceasing sales in Russia far beyond these effects. Yes, the international community’s curbs on Russian financial flows, central bank trading, the SWIFT system, and air travel have severely disrupted business and certainly influenced many decisions. ![]() While some of this reflected an anticipation of government mandates, much was a purely spontaneous reaction to a novel pathogen.Īnalogously, a bottom-up, private sector response to the Ukraine invasion has seen consumers, investors, and civil society institutions deliberately decoupling from the Russian market. They ignored that, voluntarily, businesses, customers, and workers across the world changed behaviour dramatically when the pandemic hit – be it by working from home, going out less, or closing stores. How deep will the economic effects of sanctions be on Russia? It’s a tough question to answer, in part because the size and scale of coordinated measures from the US, EU, UK, Japan, Australia, Singapore, and even Switzerland are unprecedented.īut it’s become even more difficult to parse given the flurry of private boycotts or company withdrawals from Russia too.ĭuring the first Covid-19 outbreak, many erroneously ascribed the economic downturn entirely to state-mandated lockdowns. Ryan Bourne is Chair in Public Understanding of Economics at the Cato Institute.
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