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Sponsored by Boeing, Airbus, ExxonMobil

Airbus, ExxonMobil and Boeing take action over Russia ties on Ukraine conflict

The planemaker joins oil giant ExxonMobil and Boeing as the latest corporate giants to sever links

Easy Deezy by Easy Deezy
March 2, 2022
in News, World
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Airbus, ExxonMobil and Boeing take action over Russia ties on Ukraine conflict
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Airbus has joined rival planemaker Boeing and oil giant ExxonMobil on a growing list of corporate giants cutting ties with Russia.

The European manufacturer said it had stopped support and supply of spare parts for Russia’s aviation industry.

Earlier, Boeing suspended operations and ExxonMobil said it would end a multi-billion dollar joint venture with Russian state-owned company Rosneft.

Firms are exiting Russia after the West imposed sanctions over Ukraine.

Airbus said on Wednesday: “In line with international sanctions now in place, Airbus has suspended support services to Russian airlines, as well as the supply of spare part to the country.

“Services provided by the Airbus Engineering Centre in Russia (ECAR) have also been suspended pending further review.”

US aviation giant Boeing said it had suspended “major operations” in Moscow and temporarily closed its office in Ukraine’s capital Kyiv.

“We are also suspending parts, maintenance and technical support services for Russian airlines,” a Boeing spokesperson told the BBC.

‘Act of aggression’
ExxonMobil is the latest oil producer to cut business ties with the country, after similar moves by BP, Shell and Equinor.

“We deplore Russia’s military action that violates the territorial integrity of Ukraine and endangers its people,” Texas-based ExxonMobil said in a statement.

“We are deeply saddened by the loss of innocent lives and support the strong international response,” it added.

ExxonMobil currently operates and holds a stake in the Sakhalin Island oil and gas fields, alongside Rosneft and companies from Japan and India.

It said it would now exit its Russian oil and gas operations, which have been valued at more than $4bn (£3bn), and halt new investments in the country

 

Last year, ExxonMobil employed more than 1,000 people across the country, with offices in Moscow, St. Petersburg, Yekaterinburg and Yuzhno-Sakhalinst, according to its website.

Russia is one of the world’s biggest energy producers.

The announcement came as Brent crude – the international benchmark for oil prices – hit $113 a barrel, marking the highest level seen in more than seven years.

On Monday, rival energy giant BP said it would offload its 19.75% stake in Rosneft after Russia’s “act of aggression in Ukraine”.

On the same day, Shell announced that it would end all of its joint ventures with the Russian energy company Gazprom. This includes quitting the flagship Sakhalin II facility, which is partly owned and operated by Gazprom.

Norwegian oil producer Equinor also said it would start the process of divesting from its joint ventures in Russia.

You may also be interested in:   Biden Defend praise for Putin – 3min Read

 

Tags: AirbusBoeingExxonMobilPetersburgRussiaStUkraineYekateinburg
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Easy Deezy

Easy Deezy

Writer | Content Creator | Graphic Designer

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