Canadian companies that have withdrawn from Russia following invasion
A number of manufacturers have moved away or shut down their operations in Russia.
A number of Canadian companies have suspended or moved to withdrawal from Russia following its unprovoked invasion of Ukraine. Here is a partial list of those firms:
Alberta Investment Management Corp. — Alberta investment manager says it will divest all Russian holdings and won’t purchase any during the conflict. As of the end of February, it had less than $99 million in direct and indirect exposure to Russian securities, accounting for 0.06 per cent of its $160 billion in assets under management. It has no direct exposure to Russia.
Alimentation Couche-Tard Inc. — Convenience store retailer suspended operations immediately 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 is suspending all commercial activities in Russia, including store and e-commerce sales and shipments to wholesale partners within the country. The Vancouver-based outdoor clothing and climbing gear brand does not have stores in Russia but Amer Sports had previously made Arc’teryx’s products available in Russia through a shared sales office.
Bausch Health Companies — The pharmaceutical company says it has not decided whether to suspend the distribution of its products it says are “essential medical products” to Russia, which amount to less than two per cent of total revenues. It has donated an unspecified amount of products to Ukraine.
Bombardier Inc. — The business jet manufacturer says it has suspended all activities with Russian clients, including all forms of technical assistance.
British Columbia Investment Management Corp. — The B.C. pension fund said it is working to sell the remaining Russian securities. It started selling the holdings before the invasion and will work to sell the $107 million in remaining stock.
BRP Inc. — The recreational vehicle maker says it is pausing exports to Russia. Following Russia’s annexation of Crimea in 2014 and western sanctions, sales in Russia have dropped to less than five per cent of total revenue. It has been present in Russia for almost 30 years and has about 40 employees including an office in St. Petersburg.
CAE Inc. — The flight training and simulator manufacturer said it has halted all services and training to Russian airlines, aircraft operators and health-care distributors “in light of Russia’s invasion of Ukraine.” It has cut off training for pilots at Russian airlines and corporate and cargo operators. CAE has also suspended sales of that product to Russian carriers, and of its surgical and patient simulators to health-care organizations.
Caisse de depot et placement du Quebec — Canada’s second-largest pension fund manager says it sold shares in companies affected by Western sanctions, including ones in the oil and gas as well a financial services sectors. However, CEP Charles Emond said there could be some Russian exposure because they are part of many global indexes.
Calfrac Well Services Ltd. — The oilfield services company says it is suspending any investments in Russia and has cancelled shipments bound for the country.
Canada Goose — The winter parka maker said it would suspend all wholesale and e-commerce sales to Russia.
Canadian Tire Inc. — The retailer says it has paused its Helly Hansen operations in Russia, which includes 41 retail stores, online sales and product shipments with over 300 employees that it will continue to pay during the shutdown.
Colliers International — Commercial real estate firm says it has discontinued its business in Russian and Belarus after more than 28 years. Closes affiliate office in Kyiv and suspended Ukraine operations.
Gowling WLG — The Canadian-UK law firm said it is leaving Russia and transitioning the business to its team in Moscow. Gowling said it will no longer accept new instructions from Russian clients, sanctioned or not, and will end relationships with Russian clients in a manner that complies with our professional obligations.
Kinross Gold Corp. — The gold miner says it is suspending all activities at its Udinsk development project in Far East Russia and is in the process of suspending operations at its Kupol mine, while mitigating the mine’s environmental impact on an ongoing basis.
Norton Rose Fulbright — Law firm says it is winding down operations in Russia and closing Moscow office with 50 employees. It won’t accept business commented with the Russian regime and reviewing exiting from existing work.
Magna International Inc. — The Ontario auto parts manufacturer says it is idling operations at six plants that employ about 2,500 people.
McCain Foods Ltd. — The food maker has stopped construction of its Russian production facility in the Tula Oblast region and are re-evaluating the future of the project.
OpenText — The IT company says it ceased all business in Russia until the war ends and sanctions are lifted. OpenText said it expects there will be business disruptions for its customers and that it is 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 all its Russian investments and exit the market “as soon as market conditions permit.” The Montreal-based company said it doesn’t have material exposure to Russian investments and does not hold any private direct investments in Russia.
Purpose Investments Inc. — Purpose said it has divested all direct holdings of Russian companies and pledged to cease new investments as long as Russia’s invasion of Ukraine persists. The company also called for the investment industry to support the divesting of Russian assets in their portfolios.
Restaurant Brands International — The owner of Burger King has suspended all corporate support to the 800 franchised locations in Russia, including operations, marketing and supply chain. It is also refusing to approve investments and expansion in the country. Restaurant Brands International previously announced it was redirecting any profits from Russia to humanitarian aid for Ukrainian refugees and donated US$1 million to the United Nations refugee agency, the UNHCR. Franchisees in Europe are also partnering with local NGOs to distribute US$2 million of free Whopper meal vouchers to Ukrainian refugees arriving in those countries.
Rio Tinto — The global miner is reviewing any existing commercial ties to 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 firm continues to divest its stake in the OAO VNIPIneft joint venture that was started a few years ago. The company has no other commercial activities in Russia after selling its resources oil and gas business that 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 exit a “limited number” of ongoing assignments in Russia with an overall economic exposure of under $1 million. It will no longer be pursuing any new ones in Russia or Belarus.