Following Russia's invasion of Ukraine, there is a growing movement among private companies to forgo business in Russia in various fields such as automobiles, shipping, and credit cards.
Among them, the automobile manufacturer decided that GM = General Motors of the United States will temporarily stop exporting automobiles to Russia.
In addition, Volvo of Sweden will stop local production of trucks and export of passenger cars, and Daimler Truck Holdings of Germany also announced that it will suspend its business in Russia for the time being.
In addition, Toyota Motor said that it may stop production in the near future, saying that it is difficult to continue production because it is not possible to procure parts for the Russian plant.
Meanwhile, major shipping companies have also announced that they will suspend container transportation except for food and medical equipment, and MSC in Switzerland and AP Moller Maersk in Denmark have announced that they will suspend cargo reservations to and from Russia.
In addition, major American credit card companies Mastercard and Visa have each announced that they have excluded several Russian financial institutions from their payment networks.
The move to forgo business in Russia among private companies is expected to expand further in the future, and it is possible that the Russian economy will be forced into a more difficult situation.