Within one week of the Russian invasion of Ukraine, governments around the world passed some of the toughest and most coordinated sanctions in modern history. At breakneck speed, dealings with the Russian Central Bank and Russian travel to and through 33 countries’ airspace were banned, billion-dollar projects were stopped, many Russian banks were blocked from using SWIFT, and powerful members of Vladimir Putin’s inner circle were individually sanctioned. The immediate consequences for companies working and investing in Russia have permanently changed Russia’s future business environment, regardless of the outcome of the invasion. Already, companies are making major strategic decisions with an unprecedented pace. Not satisfied with pausing operations in Russia, many firms opted to permanently cut ties with Russia and the Russian government — multi-decade long partners — within days. The situation in Russia may be the first time that we’ve seen sanctions trigger a rapid self-sanctioning from business, but they are highly unlikely to be the last. While the situation is fast-moving — as of this writing we are just three weeks removed from when the invasion started — we have already witnessed a series of initial trends that will carry forward into future conflicts and crises.
Full story : In Light of Russia Sanctions, Consider Your Conditions for Doing Business in Other Countries.
