‘The effects of the war are already being felt, Ukraine continues to bleed.’
Several companies operating in Ukraine acted to close down its factories and services, following sanctions imposed on Russians who acted to invade Kyiv.
On Thursday, United States (US) President Joe Biden announced tighter sanctions against Russia after its President Vladimir Putin launched attacks in major Ukrainian cities.
Among the companies that closed their plant operations were Cola Cola HBC as well as United Parcel Service (UPS) and FedEx which suspended their services in Ukraine after being attacked by Russia.
In addition, Ukrainian airspace was also closed after the Russian army launched a missile attack, forcing 4 planes belonging to Wizz Air, Ukraine's low -budget airline, to be stranded in Kyiv and Lviv.
As a result, European aviation regulators issued a safety warning advising other airlines to ‘be careful’ when flying through Russian airspace.
World shipping giant Maersk also stopped operations in Ukrainian ports and closed its operations office in Odessa while Danish cargo shipping company DSV suspended its operations in the country.
Shares of German utility company Uniper and its Finnish shareholder Fortum fell following a large stake in Russia as well as a $ 1 billion stake in the blocked Nord Stream 2 gas pipeline project.
Shares of BASF, a German chemical company and co -owner of Wintershall Dea with the LetterOnce investor group owned by Russian billionaire Mikhail Fridman, were also affected.
Meanwhile, Britain's largest domestic bank, Lloyds, issued a warning of cyber attacks from Russia while several major raw materials companies would be affected.
Jet engine makers Rolls-Royce and Safran announced they have increased their supply of titanium. Titanium is mostly supplied by Russia, which is as much as 20% and its use has been on the rise recently with aircraft makers using the material to make lighter jets.
Large chip companies say they expect continued supply chain disruptions as Ukraine supplies more than 90% of ‘semiconductor -grade neon’ to the U.S. used for lasers in chip manufacturing.
