P&G announces possible withdrawal from Russia, says agency
The influence of the Ukrainian crisis on retail clients, suppliers and distributors of the corporation will be the main factor in decision-making, P&G said
NEW YORK, April 21. /TASS/. The US company Procter&Gamble has announced its possible withdrawal from the Russian market due to sanctions, financial restrictions and supply issues, Reuters reported on Thursday citing company representatives.
The influence of the Ukrainian crisis on retail clients, suppliers and distributors of the corporation will be the main factor in decision-making, P&G said. Prior to Russia’s special military operation in Ukraine business operations in Russia and Ukraine accounted for 1.5-2% of the company’s global profit.
Last month P&G announced suspension of investments in the Russian segment of its business and contraction of the list of products exported to the country.
A number of large foreign companies have suspended operations in Russia due to the situation around Ukraine.
Russian President Vladimir Putin said on February 24 that in response to a request by the heads of the Donbass republics he had made a decision to carry out a special military operation in Ukraine, stressing that Moscow had no plans of occupying Ukrainian territories. The United States, the European Union, the United Kingdom and a number of other states responded to the actions of the Russian authorities by slapping sanctions against Russian physical and legal entities.