Ford joins list of companies that suspended operations in Russia

The U.S. automobile company Ford suspended its operations in Russia on Tuesday in response to the invasion of Ukraine. In addition, the company announced that it would donate $100,000 to a humanitarian aid fund to assist those displaced by the armed conflict.

The company "is deeply concerned about the invasion of Ukraine and the threats to peace and stability" and therefore determined to "re-evaluate" its operations in Russia, Ford announced in a statement.

Even though operations in Ukraine are reduced, many Ukrainians are employed by the company and "will continue to support them during this period," the company added. 

We at @Ford are deeply concerned about the invasion of Ukraine by Russia and the safety of the Ukrainian people. Effective immediately, Ford is suspending our limited operations in Russia and taking action to support the Global Giving Ukraine Relief Fund. pic.twitter.com/CfasPz0E2v

— Jim Farley (@jimfarley98) March 1, 2022

Since Russia invaded Ukraine, the United States, Canada, and the European Union have imposed harsh economic sanctions on Moscow. Several companies followed suit and suspended their operations in the Eurasian country.

Boeing, for example, suspended maintenance and technical support for Russian airlines. In addition, the energy company ExxonMobil announced that it would leave the Russian market due to the military operation in Ukraine.

Airbus also stopped shipping spare parts to Russia and supporting Russian airlines. However, the company also said it would analyze whether its Moscow engineering center could serve local customers under Western sanctions.

The technology giant Apple reported that it would stop selling iPhones and other products in Russia.

"We are deeply concerned about the Russian invasion of Ukraine and stand in solidarity with all the people who are suffering as a result of the violence," Apple said in a statement.

Similarly, Google and Facebook said it prevented RT and other state-run Russian outlets from receiving ad money on their websites and apps. 

On Wednesday, Sberbank, Russia's largest lender, also announced that it would exit the European market as its subsidiaries face large cash outflows.