A number of Canadian companies have suspended or withdrawn from Russia following its unprovoked invasion of Ukraine. Here is a partial list of these companies:
Alberta Investment Management Corporation. — The Alberta investment manager says he will divest all Russian holdings and not buy any during the dispute. At the end of February, it had less than $99 million of direct and indirect exposure to Russian securities, representing 0.06% of its $160 billion in assets under management. He has no direct exposure to Russia.
Food Couche-Tard Inc.. — A convenience store retailer immediately suspended operations in Russia where it has operated for nearly 30 years. It has 38 stores and more than 320 employees
Arc’teryx – Arc’teryx parent company Amer Sports said it was suspending all business operations in Russia, including in-store and online sales and shipments to wholesale partners in the country. The Vancouver-based outdoor clothing and climbing gear brand doesn’t have stores in Russia, but Amer Sports previously made Arc’teryx products available in Russia through a shared sales office.
Bausch healthcare companies — The pharmaceutical company says it has not decided whether or not to suspend the distribution of its products it considers “essential medical products” to Russia, which represent less than 2% of total revenue. He donated an unknown quantity of products to Ukraine.
Bombardier Inc. — The business jet manufacturer says it has suspended all activities with Russian customers, including all forms of technical assistance.
BC Investment Management Society. — The British Columbia pension fund said it was working to sell the remaining Russian securities. He began selling the holdings before the invasion and will work to sell the remaining $107 million in shares.
BRP Inc. — The recreational vehicle manufacturer says it is suspending exports to Russia. Following the annexation of Crimea by Russia in 2014 and Western sanctions, sales in Russia fell to less than 5% of total turnover. It has been present in Russia for almost 30 years and has around forty employees, including an office in Saint Petersburg.
CAE Inc. – The simulator and flight simulator maker said it has halted all services and training to Russian airlines, aircraft operators and healthcare distributors “in light of the invasion of Ukraine by Russia”. It halted the training of Russian airline pilots and corporate and cargo operators. CAE has also suspended sales of this product to Russian carriers and of its surgical and patient simulators to healthcare organizations.
Caisse de depot et placement du Québec — Canada’s second-largest pension fund manager says it sold shares of companies affected by Western sanctions, including those in the oil and gas and financial services sectors. However, CEP Charles Emond said there could be some Russian exposure as they are part of many global indices.
Calfrac Well Services Ltd. — The oil services company says it is suspending all investment in Russia and has canceled shipments to the country.
Canada Goose — The maker of winter parkas has announced that it will suspend all wholesale and online sales to Russia.
Canadian Tire Inc. — The retailer says it has suspended its Helly Hansen operations in Russia, which includes 41 retail stores, online sales and product shipping with more than 300 employees whom it will continue to pay during the shutdown.
International Necklaces — A commercial real estate company says it has ceased operations in Russia and Belarus after more than 28 years. Closes affiliate office in Kyiv and suspends operations in Ukraine.
Gowling WLG —The Canadian-British law firm said it was leaving Russia and transferring the business to its team in Moscow. Gowling has stated that it will no longer accept new instructions from Russian clients, sanctioned or not, and that it will terminate relationships with Russian clients in a manner consistent with our professional obligations.
Kinross Gold Corp. — The gold miner said it was selling all of its assets in Russia to the Highland Gold Mining group of companies and its subsidiaries for $680 million in cash. Kinross owns the Kupol underground mine in the eastern Chukotka region and surrounding exploration permits, as well as the development-stage Udinsk project. The company says the transaction with Highland Gold – one of Russia’s largest gold miners – is subject to Russian government approval.
Norton Rose Fulbright — The law firm announces that it is ending its activities in Russia and closing the Moscow office with 50 employees. He will not accept commented business with the Russian regime and the examination of the exit of an existing work.
Magna International Inc. — The Ontario auto parts maker says it is idling at six plants that employ about 2,500 people.
McCain Foods Ltd. — The food manufacturer halted construction of its Russian production plant in the Tula Oblast region and is reassessing the future of the project.
OpenText — The computer company says it has ceased all activity in Russia until the war is over and the sanctions are lifted. OpenText said it expects business disruptions for its customers and stands ready to help find solutions by being proactive and vigilant in monitoring cyber threats.
Public Sector Pension Investment Board. – (PSP Investments) said it will divest of all Russian investments and exit the market “as soon as market conditions allow.” The Montreal-based company said it had no significant exposure to Russian investments and held no private direct investments in Russia.
Purpose Investments Inc. – Purpose said it had divested all direct holdings of Russian companies and pledged to cease further investment as long as Russia’s invasion of Ukraine persists. The company also called on the investment industry to support the divestment of Russian assets from their portfolios.
International restaurant brands — The owner of Burger King has suspended all company support for the 800 franchised establishments in Russia, including operations, marketing and supply chain. It also refuses to approve investment and expansion in the country. Restaurant Brands International previously announced it was redirecting all profits from Russia to humanitarian aid for Ukrainian refugees and donated $1 million to the UN refugee agency, UNHCR. Franchisees in Europe are also partnering with local NGOs to distribute US$2 million worth of free Whopper meal vouchers to Ukrainian refugees arriving in those countries.
Rio Tinto — The global miner is reviewing all existing business ties with Russia, but has no operational assets or employees located in Russia or Ukraine.
Shopify Inc. — The e-commerce giant has temporarily suspended operations in Russia and Belarus. For the foreseeable future, Shopify will not collect fees from Ukrainian merchants and partners.
SNC Lavalin — The engineering company continues to sell its stake in the OAO VNIPIneft joint venture launched a few years ago. The company has no further business activities in Russia after selling its oil and gas resources business which included operations in the country.
WSP Global — The engineering firm says it has no employees or offices in Russia or Ukraine, but has decided to leave a “limited number” of ongoing assignments in Russia with an overall economic exposure of less than 1 million bucks. He will no longer pursue new ones in Russia or Belarus.
This report from The Canadian Press was first published on April 5, 2022.
The Canadian Press