Canadian companies are among the more than 1,000 multinationals that have left Russia or cut back operations, said Diane Francis. Read on
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But the mass exodus of corporations from the Russian market — led by McDonald’s — is also important. Canadian companies are among the more than 1,000 multinationals that have left the country or scaled back operations, according to aSign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
A number of Canadian corporations are on the list. Those that have made a “clean break” include the Canadian Broadcasting Corporation, Colliers, Gowling, IMAX, Kinross Gold, McCain Foods and Volaris Group. Those curtailing operations but “keeping options open” include Alimentation Couche-Tard Inc., Blackberry Ltd., Bombardier Inc., Canada Goose Holdings Inc., Canadian Tire Corp., Liquor Control Board of Ontario, Magna International Inc. and OpenText.
Sonnenfeld said the negative impact of exits, coupled with crippling sanctions, has impaired Russia’s economy. He estimates that businesses that have left so far had in-country revenues equivalent to 35 per cent of Russia’s GDP and employed 12 per cent of its workforce.
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