Norwegian oil group Equinor and Germany’s Daimler Truck are ending their partnerships with Russian businesses while Volvo and Jaguar Land Rover said they were halting deliveries of cars to the country as the corporate fallout from the invasion of Ukraine spreads.
The announcements came as multinational groups with operations in Russia grappled with the reputational impact of their association with the country as well as potential exposure to western sanctions designed to inflict severe economic pain.
They follow BP’s announcement on Sunday that it was divesting its near-20 per cent stake in Russian state oil group Rosneft, with chair Helge Lund describing Moscow’s invasion of Ukraine as an “act of aggression which is having tragic consequences across the region”.