Chancellor advise additional firms to cut ties with Russia

Chancellor advise additional firms to cut ties with Russia: He has urged more companies as well as asset managers to reflect “very carefully” before investing in Russia while war erupts in Ukraine.

“Since the start of the Russian invasion, we have seen widespread from firms & investors to end their involvement with Russian assets or, in other words, to divest.

“Companies such as bp, Shell, Aviva, M&G & Vanguard, to name but a few, have already announced their intention to reduce or sell holdings in Russia.

“I want to make it crystal clear that if firms or investors decide that they need to end their financial relationship with Russia then the government fully supports you.” Stated the Chancellor.

Earlier this March, bp got rid of its 19.75% stake in Russian oil company Rosneft.

After this action, Shell’s choice to sever its association with Russia’s Gazprom along with shutting all its petrol stations in Russia.

Gazprom was previously sanctioned by the government.

“And when I met leading businesses last week, I welcomed the consensus on the need to infect maximum economic pain on Putin & his regime. Until recently, the UK companies held tens of billions of pounds of investments in Russian assets.

“While I recognise that it may be challenging to wind down existing investments, I believe there is no argument for new investment in the Russian economy. I am urging asset owners and managers to think very carefully about any investments that would, in any sense, support Putin & his regime.” Announced Rishi Sunak.

Chancellor advise additional firms to cut ties with Russia

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