Ukraine war: more than 400 companies have ceased their activities in Russia after the American sanctions

More than 400 companies have ceased doing business in Russia, following harsh US sanctions against the country for its invasion of Ukraine, the founder of a US-based software company, Bobby Balachandran, said on Friday.

“At the latest news, more than 400 companies have decided to support the government to stop doing business with Russia,” Balachandran said, adding that his own company Exterro had ceased operations in Russia.

Balachandran made the comments while talking to ANI in the company’s Coimbatore office.

“We are following government standards. So currently we are not doing business with Russia at this stage,” Balachandran told ANI.

Asked what kind of software is now being denied to Russia as a result of the sanctions, he said: “It’s in all areas…banking, consumer products…gaming… software is the lifeline today, so if you don’t have that (then it’s hard)”

“If you look at the types of software we use, we use Facebook, Instagram, LinkedIn…everything is made in America,” he added.

He described the situation in Ukraine amid the ongoing conflict as “very sad”, saying “our heart goes out to the people affected by it (the conflict)”.

Russia launched its invasion of Ukraine last month, on February 24, after recognizing the breakaway Ukrainian regions of Donetsk and Luhansk as “independent republics”. Russia has since continued to claim that the purpose of its operations was to “demilitarize” and “denazify” the country.

The Russian actions were immediately condemned by almost all Western countries, which implemented tough rounds of sanctions targeting the Russian economy and key individuals.

The conflict which has now entered its second month has caused a severe humanitarian crisis with millions of refugees fleeing to neighboring Western countries including Poland, Romania, Moldova and Hungary.

European Union President Ursula von der Leyen on Wednesday announced a €3.4 billion economic package to support EU countries hosting those fleeing war.

As of March 24, the Office of the United Nations High Commissioner for Human Rights (OHCHR) recorded a total of 2,788 civilian casualties in the country, including 1,081 killed and 1,707 injured. Ukraine’s prosecutor general’s office reported 135 children killed in the conflict as of March 25.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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