3/7/22 - More Companies Are Pulling Ties From Russia

Russia's invasion of Ukraine is leading some of the world's best known brands — from Apple to Disney and Ikea — to abruptly exit a country.

(CBS NEWS) - For many companies, exiting Russia is as much about business as it is about morality.

"It's really tough to do business in Russia under the best of conditions. Now it's become just crazy. So getting out is a smart business proposal," said James O'Rourke, professor of management at the University of Notre Dame's Mendoza College of Business, who specializes in reputation management and business communications.

More and more companies are pulling their business. 

Many auto makers have suspended operation in Russia. They are donating to refugees fleeing Ukraine. 

Visa and Mastercard said Saturday that they were suspending their operations in Russia, days after blocking transactions for Russian banks targeted by U.S. and European sanctions, and American Express followed suit on Sunday. 

Netflix said Sunday that "given the circumstances on the ground, we have decided to suspend our service in Russia."

Apple said it would stop selling its iPhone and other popular devices inside Russia. Apple doesn't have stores in the country but its products are popular there, sold through many third-party retailers.

Google has blocked Russian state media channels from its platforms, including the Google Play store. It has suspended Google Pay for customers of sanctions-hit Russian banks, meaning customers of those banks won't be able to use the mobile payment system.

The company formerly known as Facebook has blocked access to Russian state-controlled outlets across the European Union after it "received requests from a number of Governments and the EU," the company's policy head Nick Clegg said on Monday.

TikTok has blocked Russian state media channels from the platform, including RT and Sputnik. On Sunday, TikTok said it would be suspending livestreaming and posting of new content in Russia.

Nike said it would temporarily shut down all its stores in Russia, a move that followed the sportswear company making purchases on its website and app unavailable in the country.

The Swedish furniture company IKEA said it was closing all of its Russian stores and pausing sourcing from Russia as well as Belarus, an ally of Russia.

The online housing service airbnb said that it had paused all operations in Russia and its close ally Belarus.  Meanwhile,  Airbnb also announced that its nonprofit arm will offer free shelter for up to 100,000 people who have fled Ukraine because of the invasion.