Marsh latest to exit Russia

In a significant move for the financial services markets, Marsh McLennan has said it will exit all of its businesses in Russia in response to Putin’s invasion of Ukraine.

In a statement, Dan Glaser, president and CEO, said, “We condemn the unprovoked attack by the Russian government against the people of Ukraine. Having watched with horror the tragic human toll in Ukraine, we feel compelled to take this action.”

“We intend to transfer ownership of our Russian businesses to local management who will operate independently in the Russian market. This is not a decision that we have taken lightly, and we join all those calling for a swift and peaceful resolution to this deadly conflict.”

The move comes as operating in Moscow has been increasingly difficult for Western financial institutions amid international sanctions against Russia.

It follows a raft of other Western companies which have decided to cease doing business in the country which includes the following:

  • BP is abandoning its 20% stake in Russia’s state-controlled Rosneft at a cost $25 billion, while ExxonMobil is leaving a large oil and gas project. Shell is also withdrawing from Russian oil and gas.
  • Visa, MasterCard and American Express suspended their global services in Russia, while accounting and consultancy firms KPMG, PwC, Deloitte and EY along with Grant Thornton have severed their ties with Russian member firms.
  • Tiktok and Netflix have shut their Russian operations while retailers like Zara, H&M, Levi’s and IKEA have too closed their stores and suspended sales in Russia.
  • Smartphone makers Apple and Samsung, and computer hardware companies HP and Dell have suspended all shipments to Russia.
  • Among large tech companies, Microsoft, SAP and Adobe have stopped sales of their new products and services in Russia while Oracle has suspended its operations there.
  • The world’s two biggest plane makers, Boeing and Airbus, have also halted the supply of aircraft parts and services to Russian airlines.
  • Boeing also suspended buying titanium from Russia, which is the world’s largest supplier of the metal.

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