Equinor will also begin to exit its joint ventures in Russia, the Norwegian oil and gas company announced. "We are all deeply troubled by the invasion of Ukraine, which represents a terrible setback for the world," said CEO Anders Opedal. The company said it had $1.2 billion in long-term investments in Russia at the end of 2021. It has operated in Russia for more than 30 years and has a cooperation agreement with Rosneft.
Norway's $1.3 trillion sovereign wealth fund will divest shares in 47 Russian companies as well as Russian government bonds, the Norwegian prime minister said.
Moody's said it is suspending commercial operations in Russia. Its investors service will "maintain analytical coverage for existing ratings from outside Russia."
Inditex, the parent company of Zara, said it is pausing operations in Russia and closing 502 stores in the country. In a statement, the company said Russia accounts for about 8.5% of its earnings before interest and tax.
Mothercare is suspending business in Russia and stopping shipments there. "Our local partner has confirmed that it will be immediately pausing operations in some 120 stores and online," it said on March 9. Russia accounts for around 20% to 25% of sales for the retailer, which specializes in goods for parents and babies.
MSC, a Swiss-owned container shipping line, said its suspension would cover "all access areas, including Baltics, Black Sea and Far East Russia."
French train maker Alstom said that it will "suspend all deliveries towards Russia" in a statement on March 9. The group is also suspending all future business investments in Russia, it added. Alstom owns a 20% stake — as a capital investment — in Transmashholding (TMH), the Russian locomotives and rail equipment provider. "There was no material business nor operational link between Alstom and TMH," the company said. "The book value will be re-assessed as part of the fiscal year 2021/22 closing accounts."
