Dozens of Western companies have left Russia or suspended operations in the country since President Vladimir Putin ordered an invasion of Ukraine in late February. Businesses have been sold, offices closed and production from beer to cars has stopped. Dozens of them, including McDonald’s (MCD) – which employs 62,000 people in the country – have promised to keep paying their employees, at least for a limited time. Sweden’s Ingka Group, owner of the IKEA retailer, has 15,000 employees in Russia. A company spokesman told CNN Business last month that it had guaranteed a three-month salary to its employees. However, it is not clear how long companies can maintain support. Sobyanin said the Russian government was intervening to help those workers who were left behind. “THE [support] “The program is aimed at employees of foreign companies who have temporarily suspended their activities or have decided to leave Russia,” he said. According to the mayor, the assistance plan includes training, employment in temporary and public projects and incentives for organizations and companies to hire employees whose companies have left. Western sanctions have crippled Russia’s economy and pushed the country to the brink of its first foreign debt bankruptcy in more than a century. Inflation has skyrocketed and economists predict a deep recession. Lacking access to about half of its foreign exchange reserves – now frozen in sanctions – Russia tried to pay in rubles, not dollars in contracts, two bonds maturing in early April, credit rating agency Moody’s announced on Friday. . Russia has until May 4 to meet its obligations, otherwise it can be considered as failing to meet its obligations, the agency said. S&P has already called on Russia to “selectively bankrupt” these bonds. US Treasury Secretary Janet Glenn last week stabbed governments and companies that have maintained ties with Russia. “Let me now say a few words to those countries that are currently sitting on the fence, perhaps seeing an opportunity to win by maintaining their relationship with Russia and bridging the gap left by others. Such incentives are short-sighted,” he said in the speech. in the Atlantic Council.
