Page 154 - RusRPTJul22

9.2 Major corporate news 9.2.1 Oil & gas corporate news
● Rosneft
The Singapore-Swiss exchange company Trafigura announced the freezing of investments in Russian business and the revision of participation in the Vostok Oil project of Rosneft with the intention of completely withdrawing from it. It is emphasized that Trafigura's 10% stake in Vostok Oil is passive and "inactive". Earlier, Trafigura announced a complete cessation of purchases of energy resources from Rosneft. After the start of the military operation, a number of international energy companies announced the termination of cooperation with Russian oil exporters and withdrawal from energy projects in the Russian Federation. In early March, British-Dutch Shell announced its withdrawal from Nord Stream 2.
9.2.2 Automotive corporate news
The US Department of the Treasury introduced sanctions against Russian truck maker Kamaz and related companies, the Treasury said in its statement on June 28. Sanctions were also introduced against Sergey Kogogin, the chief executive of the Russian company, Begishevo International Airport, Kamaz leasing company, Tutaev motor works, and other companies related to Kamaz, as indicated in the document.
9.2.5 Retail corporate news
Sweden’s IKEA suspended sales in Russia at the beginning of March, but still kept the staff on the payroll. On June 15 it announced it will pull out of Russia and reduce its business and the sale of production facilities. “IKEA in Russia will reduce the number of employees at its own production facilities and will begin the process of finding new owners for all four factories in the Leningrad, Kirov and Novgorod regions,” the release says. Two contenders for production assets have already emerged: the competing furniture chain Hoff and AFK Sistema.
The departure of Coca-Cola from the Russian market is stated in the statement of the American company itself on June 16. Direct sales on the Russian market are carried out by the Swiss Coca-Cola Hellenic Bottling Company (HBC), owned by the head Coca-Cola by 23%. Coca-Cola HBC owns 10 Russian factories producing soft drinks under the Coca-Cola brands
154 RUSSIA Country Report October 2020 www.intellinews.com