The Nissan Motor Corporation has suspended exports of cars to Russia, the company announced Monday in a press release.
“Regarding our Russian operations, Nissan has suspended export of vehicles to Russia, and anticipates that production will stop soon at our plant in St. Petersburg,” the statement outlined.
The news comes as Shell is stepping away from its Russian oil and gas resources, planning to shut down service outlets in the country, the company said Tuesday.
“The move makes it one of the first major Western oil companies to abandon Russia entirely due to its invasion of neighboring Ukraine,” according to Breitbart News.
Shell is abandoning its Russian oil and gas resources and will close all its service outlets there, the British energy giant announced Tuesday. https://t.co/uPmjzEyVl4
— Breitbart News (@BreitbartNews) March 8, 2022
Nissan’s press release continued:
Nissan Motor Co., Ltd. is creating a 2.5 million Euros fund to support the humanitarian crisis in Ukraine. Nissan’s priority has always been safety and livelihood of people, and the Nissan Cares fund will contribute to wider efforts to support the people of Ukraine as well as helping affected employees and their families.
According to Nissan CEO Makoto Uchida, “We have all been moved by the suffering of so many people and families – including members of our own Nissan family.”
“We have created the Nissan Cares fund to stand by our employees, and to support to the international efforts working around the clock to respond to this immeasurable human tragedy,” he said.
Russia’s actions against Ukraine have caused numerous brands to abandon the country while trying to hold onto their reputations, the Associated Press (AP) reported Thursday:
Investors were drawn to Russia in search of lucrative profits they thought were worth the geopolitical risks. That calculation has changed after Russia’s war triggered a wave of global sanctions and export restrictions that have thrown its economy into turmoil and disrupted the operations of multinational corporations there.
Meanwhile, oil prices spiked on Tuesday after reports that President Joe Biden’s administration was poised to ban American imports of Russian energy, according to Breitbart News.
“The price of Russian oil has been trading at a steep discount to Brent because many market participants were effectively boycotting Russia following the attack on Ukraine,” the outlet said.