More Non-US Companies Restricted Services In Russia After US Counterparts

  • Rio Tinto PLC RIO became the first leading miner to suspend trading relations with Russian businesses, Reuters reports.
  • Japan's Sony Group SONY and Nintendo Co Ltd NTDOF (NTDOY) also halted deliveries of their gaming consoles.
  • Credit Suisse Group AG CS flagged a ~$900 million Russian credit exposure.
  • Hitachi Construction Machinery Co Ltd HTCMF HTCMY looks to stop exports and cease most operations in Russia, whose Western counterparts have already suspended operations.
  • Nestle SA NSRGF (NSRGY), Mondelez International Inc MDLZProcter & Gamble Co PG, and Unilever PLC UL halted investment in Russia.
  • The suspension came just after the major U.S. tech companies ditched their operations in Russia post its Ukraine invasion.
  • In three weeks, the war has killed thousands of people, rendered more than two million refugees, wrecked the Russian Rouble, stock markets, and triggered the costs of oil and other commodities.
  • Comprehensive Western sanctions have isolated Russia, and the EU looks to phase out buying Russian energy.
  • Price Action: RIO shares traded lower by 5.88% at $73.15 in the premarket on the last check Thursday.
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