CNBC reported Western nations have responded to Russia’s invasion of Ukraine with a raft of sanctions intended to cripple the country’s economy, and economists suggest it could work. But, is it working?
Since Russia invaded Ukraine, hundreds of civilians have continued to die. Ukrainian President Volodymyr Zelensky accused Russia of bombing a maternity and children's hospital after agreeing to a 12-hour pause in hostilities to allow refugees to evacuate several towns and cities. Zelensky called the attack an "atrocity".
As Ukrainian government officials and civilians plea for help, major companies are hitting Russians where it hurts. According to Business Insider, Estée Lauder announced on Monday that it suspended business investments and initiatives in Russia last week and also "decided to suspend all commercial activity in Russia, including closing every store we own and operate, as well as our brand sites and shipments to any of our retailers in Russia.
Ikea announced on Thursday that it will temporarily close all 17 Ikea stores in Russia while also halting production in the country. The Swedish furniture giant has ceased shipments to and from Russia, The Wall Street Journal reported.
Disney paused theatrical releases in Russia on Monday. "Given the unprovoked invasion of Ukraine and the tragic humanitarian crisis, we are pausing the release of theatrical films in Russia, including the upcoming 'Turning Red' from Pixar," the company said in a statement. To read the entire list click here.
Unfortunately, Russian President Vladimir Putin has not been swayed by the attack on his country's pocketbook. The mad man vowed "Whoever tries to interfere with us, and even more so, to create threats for our country, for our people, should know that Russia's response will be immediate and will lead you to such consequences that you have never experienced in your history.