Russia initiated aggression against Ukraine in 2014. On February 24, 2022, it started a full-scale military invasion to the Ukrainian territory. This brutal war and military crimes of Russian troops caused a humanitarian crisis in Ukraine with thousands civilians killed and millions becoming refuges. As a reaction to this act of aggression, many international companies decided to leave the Russian market, while some others continue doing business there as usual. We track such decisions of companies and urge them to stop funding the war.
Hold off investments: company postponing future planned investment/development/marketing while continuing substantive business
Pausing InvestmentsReducing Activities: company scaling back some business operations while continuing others
Scaling BackPause operations: company temporarily curtailing operations while keeping return options open
SuspensionClean Break: the company completely halting Russian engagements or exiting Russia
WithdrawalExit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market
Exit CompletedThe unprecedented situation leads RBI to consider its position in Russia. We are therefore assessing all strategic options for the future of Raiffeisenbank Russia, up to and including a carefully managed exit from Raiffeisenbank in Russia. RBI and its subsidiary banks continue to operate in compliance with local and international sanction laws. The Russian subsidiary of JSC Raiffeisenbank not only officially recognizes the so-called Donetsk and Luhansk "people's republics", but also provides favorable credit terms to the Russian occupiers in Ukraine. Raiffeisen Bank's Russian branch halts opening of new corporate accounts. The National Agency on Corruption Prevention included the Austrian banking group Raiffeisen Bank International in the list of international sponsors of the war for the continuation of the bank's work in Russia and the official recognition of the so-called "DPR" and "LPR". As reported, Raiffeisen paid 4.8 times more to the Russian budget in 2022 than for the entire pre-war year - 559 million euros (~$615million). It should be noted that this is equal to the cost of about 95 Kalibr missiles, with which the terrorist state regularly fires at peaceful Ukrainian cities. In addition, the bank plays along with Russian propaganda, calling the war a "special military operation". Raiffeisen Bank boosts pay for Russian staff by €200mn. Austria's RBI says Russian spin-off unlikely in 2023. Austria is seeking to have Raiffeisen Bank International, the biggest Western bank in Russia, struck off a Ukrainian blacklist in return for signing off fresh European Union sanctions on Russia. The National Agency on Corruption Prevention (NACP) temporarily excluded the Austrian Raiffeisen Bank from the list of companies sponsoring Russia's war before consultations (but returned it back later). Ukraine refuses to take Raiffeisen off Russia war blacklist.
According to messages in the press, the company is winding down its business in Russia but cautiously returned to the market for Russian government and corporate bonds and buy Russian debt. Due to the unilateral decisions of American financial institutions, servicing of Gazprombank correspondent accounts in US dollars at JPMorgan Chase Bank and Bank of New York Mellon will be terminated. In this regard, we ask clients not to use Gazprombank for cross-border transfers in US dollars starting from January 27 inclusive. The Russian subsidiary bank of the American JP Morgan Chase, which announced the winding down of its operations in the country back in March 2022, became the largest foreign investment bank in Russia in terms of assets at the end of January–September 2023. The bank's assets overall grew more than fourfold over the past two years.
Received revenues in Russia in 2021, there is no any official announcement
Still operating in Russia. UniCredit is considering leaving the Russian Federation, but with the possibility of returning after the war - Bloomberg. UniCredit Bank, a subsidiary bank of the Italian group UniCredit, in 2022 increased its net profit according to the RAS by 4 times, to 56.5 billion rubles, according to the reporting of the credit organization. It is reported that at the moment two banks — Creditas and UniCredit Bank — have confirmed that they are canceling the accounts of Russian and Belarusian citizens. According to the representative of UniCredit Bank Petr Plotsek, the bank has long been applying special rules for opening and maintaining accounts for persons from outside the EU. He emphasized that such persons, both physical and legal, must prove a reliable and justified connection with the Czech Republic, although the bank does not publish these rules due to their nature.
Received revenues in Russia in 2021, there is no any official announcement
Received revenues in Russia in 2021-2022, there is no any official announcement. Increased assets from $1.8bn in 2021 to $2.4bn in 2022. Credit Europe Bank (Russia) has secured special permission from Russian President Vladimir Putin to acquire a 100% stake in Ikano Bank.
China's Belt and Road spending in Russia drops to zero
Russia To Roll Out Its Own Digital Ruble In 2024
Received revenues in Russia in 2021, there is no any official announcement
Received revenues in Russia in 2021, there is no any official announcement
No official statement
Received revenues in Russia in 2021, there is no any official announcement
Received revenues in Russia in 2021-2022, there is no any official announcement.
Received revenues in Russia in 2021, there is no any official announcement
Russian companies open accounts with the bank; decline to comment. Two more structures of Chinese banks operate in Russia: the Russian China Construction Bank owned by China Construction Bank (assets of 20.5 billion rubles at the beginning of 2022), and China Agricultural Bank (11.8 billion rubles), the owner of which is Agricultural Bank of China.
According to OFAC (Office of Foreign Assets Control), ARX offers Russian investors the opportunity to transfer Russian financial assets and open brokerage and bank accounts in the UAE. The company has been sanctioned by the United States for its dealings with individuals from Russia.
In the near future, a new foreign insurer will enter the Russian market - a subsidiary company LLC Insurance Company "MIRAN" registered by Mir Business Bank (a Russian entity of the Iranian Bank Melli Iran). According to experts, the company is likely to focus on insuring the risks of foreign economic activities of companies from Russia and Iran. However, it may also be of interest to the market as a gateway to Iranian reinsurance capacities.
Initially ceased financing of deals involving Russian commodities. The largest Chinese state banks - Bank of China, ICBC, China Construction Bank - refuse to accept payments from banks from the Russian Federation that have come under sanctions. There are four banks with Chinese capital operating in Russia. The two largest Russian banks owned by Chinese credit organizations are Bank of China (101.5 billion rubles of assets as of January 1, 2022) and ICSIB Bank (93.8 billion rubles of assets). They belong to the largest financial groups of the PRC — Bank of China and Industrial and Commercial Bank of China (ICBC), respectively. Their Russian "daughters" increased their assets several times in 2022, and the profit - tens of times. Bank of China restricts Russian transfers of yuan to E.U., U.S. Bank of China (BoC) significantly increases its capital, assets and Net profit in Russia in 2022 vs 2021. The Central Bank has set individual values for capital adequacy ratios for two Chinese banks, which are 1.5-3 percentage points lower than the minimum required in the Russian Federation.
The Russian division of Bosch has dismissed the remaining managers of sales of household appliances and is negotiating the sale of the business to the Turkish investment fund Can Holding. Can Holding plans to start the production of refrigerators, washing machines and built-in appliances in the Russian Federation under its own brands (Awox, Seikon, Telefox and Energia and others), and also provide capacity as contract production to other vendors.
Russian companies openned accounts with the bank; decline to comment. Later, the largest Chinese state banks - Bank of China, ICBC, China Construction Bank - refuse to accept payments from banks from the Russian Federation that have come under sanctions. Two more structures of Chinese banks operate in Russia: the Russian China Construction Bank owned by China Construction Bank (assets of 20.5 billion rubles at the beginning of 2022), and China Agricultural Bank (11.8 billion rubles), the owner of which is Agricultural Bank of China. According to the financial indicators of China Construction Bank, its assets have tripled over the past year, to 60.6 billion rubles.
Novatek owns a 50.1% stake in Yamal LNG. France’s TotalEnergies and China National Petroleum Corp each control 20%, while China’s Silk Road Fund owns 9.9%.
Coinbase joins Kraken, KuCoin and Coinberry and other crypto exchanges that said they will not block Russian customers from using their platforms. The platforms argue that blocking ordinary citizens runs contrary to their crypto-isn't-tie-to-a-government appeal.
About 30 Russian banks have already connected to the national Chinese bank transfer system CIPS (Cross-Border Interbank Payment System), which allows you to make payments in yuan.
Continue their activities in Russia.
Harbin Bank, which in 2015 partnered with Sberbank of Russia to establish a platform for Sino-Russian financial cooperation, in 2022 launched a department dedicated to promoting cross-border business with Russia.
Facilitated a domestic cement maker’s yuan trade purchase of Russian coal to avoid USD. India's central bank has allowed HDFC Bank Ltd (HDBK.NS) and Canara Bank Ltd (CNBK.NS) to open a special "vostro account" for trade in rupees with Russia.
The Chinese payment company Helipay is negotiating with three Russian banks to organize cross-border payments between companies in the two countries.
Crypto exchange Huobi Global has announced that it will not impose restrictions on Russians. Huobi and KuCoin, both based in Seychelles, still allow traders to transact with debit cards issued by sanctioned Russian banks, including Sberbank, on their peer-to-peer platforms
US Treasury sanctions Huriya Private for 'moving Russian finance into the UAE and money laundering'.
Can no longer clear rupee rouble conversions. But approved for rupee trade with Russia.
Curtail Russian access to capital markets. There are four banks with Chinese capital operating in Russia. The two largest Russian banks owned by Chinese credit organizations are Bank of China (101.5 billion rubles of assets as of January 1, 2022) and ICSIB Bank (93.8 billion rubles of assets). They belong to the largest financial groups of the PRC — Bank of China and Industrial and Commercial Bank of China (ICBC), respectively. Their Russian "daughters" increased their assets several times in 2022, and the profit - tens of times. The Central Bank has set individual values for capital adequacy ratios for two Chinese banks, which are 1.5-3 percentage points lower than the minimum required in the Russian Federation.
Offices operating in Moscow, did not answer for Reuters' calls for commenting on that. The three largest banks in China have stopped accepting payments from Russian sanctioned financial organizations, Izvestia found out. We are talking about Industrial and Commercial Bank of China (ICBC), China Construction Bank and Bank of China. This decision is associated with the risks of secondary sanctions.
Hungary's government has decided to withdraw its representatives from the Russia-controlled International Investment Bank (IIB) and will quit it. The IIB, which is based in Budapest and has come under US and EU sanctions, is closing its Hungarian headquarters, leaving the EU and returning to Russia.
In a London Stock Exchange notice made today (27 October), the board said that because of "the inability to dispose of these under the current sanctions and restrictions, the company also needs the flexibility within its new investment objective and policy to continue to hold Russian securities".
Korean KEB HNB Bank (part of Hana Financial Group Inc) increased its assets in Russia by 170% (from $410mn as of 1.02.22 to $1.11bn as of 1.04.23).
The Letim application, with which Russians can apply for a virtual Turkish card of the Troy payment system, has appeared in the AppStore and PlayMarket. Virtual card payment is available via QR code in "all physical stores in Turkey". It is also possible to withdraw money from ATMs. For a digital wallet, online replenishment is provided.
Still operating in Russia
Trafigura said in a statement on Wednesday 13/07/2022 that its 10 per cent stake in Vostok Oil, a gargantuan Arctic development backed by Russian president Vladimir Putin, had been sold to “an independent Hong Kong registered trading company”, Nord Axis Limited.
The company continues to work in Russia. It is satisfied with the robot in both countries, as well as in Ukraine and Russia.
Crypto exchange OKX closes access to some of its products to Russian users. Selected Earn offers, Shark Fin and Double Investment products will not be available to OKX users in Russia. Crypto exchange OKX reopened access to the site for Russian users, on August 7 Roskomnadzor of Russia restored user access to the okx.com platform. On August 29, 2023 one of the world's largest crypto exchanges, OKX, closed the possibility for customers to carry out transactions using the Russian ruble on its P2P platform. At the end of 2023, the growth of traffic from the Russian Federation on the OKX cryptocurrency exchange amounted to about 400% - from 250,000 to almost 1.25 million visits. This is evidenced by data from the SimilarWeb analytical service.
Since April 2022 OpenWay Group claims to have left the Russian market and ceased maintaining their clients. Yet, they cannot legally or technically prevent their former customers from using once purchased software because their “standard software license agreements are perpetual and do not require periodic license renewal, unlike the agreements of some of [their] competitors”. This is believed to be just a smoke screen as OpenWay Group retains its presence on the Russian market and keeps maintaining the Russian national payment system. Included in the list of international war sponsors by NACP.
The Russian subsidiary is operating in compliance with the international sanctions. The company is winding down corporate lending. OTP Bank Plc. does not provide financing to its subsidiary in Russia (not verified + reinvesting profit is also a financing). OTP Bank has suspended transfers in US dollars. But the bank offers to convert dollars into euros for the transfer. The National Agency for the Prevention of Corruption (NACP) added the Hungarian OTP Bank to the list of war sponsors. At the end of September 2023 NACP suspended OTP Bank from the list of international sponsors of war while negotiations are underway. OTP Bank is in communication with the national agency and the European Commission in the process of implementing the exit plan from the Russian Federation. The subsidiary bank of the Hungarian OTP in Russia has increased profits by 150 times and is expanding its business.
Promised to divest from all Russian assets. But in the beginning of 2024 it appeared that Dutch pension funds write off Russian investments, except PFZW.
On January 12, the President of Ukraine, Volodymyr Zelenskyi, signed a decree on the application of sanctions against the Latvian company with Russian roots, Royal Pay Europe, which is a partner of the Russian bookmaker 1xBet.
The departure of Visa and Mastercard effectively disabled all standard systems of contactless payments for Russian customers, however, Samsung Pay in the Russian Federation continued to provide payments from "Mir" cards.
The company Sentro Group acquired a controlling stake in the Russian bank "Mir Privilege". Sentro Group bought 50.001% of the bank's shares, the transaction amount is not disclosed.
It’s not just banks that are buying Russian metal on the LME: hedge fund Squarepoint bought about 50,000 tons of aluminum, the large majority of it Russian, as a bet on the market.
Facilitating rupee trade with Russia. Canara Bank on 20.01.2023 has entered into a share sale agreement in relation to sale of equity shares held by it in Moscow-based CIBL with SBI, the bank said in a regulatory filing. State Bank of India and Bank of Baroda informed refiners they will not handle payments for oil bought above the limit.
The company has been sanctioned by the United States for its dealings with individuals from Russia.
Continuing to operate in Russia. Did not return CNBC's request for comment. (Largest video game company in the world)
Indian UCO Bank will open an account in rupees in Gazprombank.
The Russian tour operator Pegas Touristik offers its customers to issue a MasterCard Momentum card from the Turkish Vakif Bank upon arrival in the country. This was first reported by CardReview, The card is issued for 1 year and costs 12.5 thousand rubles.
"Micron" not only disrupts deliveries, but also loses price competition. Chinese companies XH Smart Tech and Watchdata sell chips for 0.9 dollars (approximately 72 rubles) per piece, and micron chips cost 156 rubles. apiece.
Donates $1 million on humanitarian needs. Buys adds on websites of sanctioned Sberbank. Exposure is not declared. No statement after the invasion about bank's operations.
Korean Woori Bank operates in Russia since 2007.
Worldline said in a statement: “In line with the recommendations of the European Securities and Market Authority (ESMA) relayed by the French regulator Autorité des Marchés Financiers (AMF), the Group confirms that its business related to Russia is limited, representing only c. 1.5% of its 2021 estimated proforma annual Worldline Group’s revenue on continued operations, mainly from its online acceptance business, operated from outside Russia and allowing domestic consumers to transact online with non-Russian international Merchants.”
"Micron" not only disrupts deliveries, but also loses price competition. Chinese companies XH Smart Tech and Watchdata sell chips for 0.9 dollars (approximately 72 rubles) per piece, and micron chips cost 156 rubles. apiece.
Ameriabank CJSC from Armenia actively helped foreign companies and international investors who hastened to leave Russia to exchange their rubles for dollars, making good money on this.
Investigate if Russian customers are subject to European sanctions
Investigate if Russian customers are subject to European sanctions
No new investments in Russia or Belarus in sovereign or corporate debt, or public or private equity. Will not be creating new shares for their FTSE Russia ETF.
Suspended new business with Russian companies. Fee waivers for Ukrainians. Continuing to support international clients in Russia. Statement condemning Russian invasion of Ukraine. Pledge of over $3.9M to UNICEF.
Such banks as Halyk Savings Bank of Kazakhstan JSC, First Heartland Jusan Bank JSC and Kaspi.kz JSC in Kazakhstan actively helped foreign companies and international investors who hastened to leave Russia to exchange their rubles for dollars, making good money on this actively helped foreign companies and international investors who hastened to leave Russia to exchange their rubles for dollars, making good money on this.
Such banks as Halyk Savings Bank of Kazakhstan JSC, First Heartland Jusan Bank JSC and Kaspi.kz JSC in Kazakhstan actively helped foreign companies and international investors who hastened to leave Russia to exchange their rubles for dollars, making good money on this actively helped foreign companies and international investors who hastened to leave Russia to exchange their rubles for dollars, making good money on this.
Made statement about investments in Russia.
PIMCO‘s largest investment fund bought Russia government international bonds and hedged its position through credit default swaps (CDS) in the second quarter
An investment firm has promised to ditch its shareholdings in Russian companies,
Standard Chartered restricts transactions with covered areas (targeting so-called Donetsk People’s Republic and Luhansk People’s Republic of invaded regions of Ukraine)
Continue operations with local staff. Aeroflot offered the lessor SMBC to buy out 17 leased aircraft for $644 million. The company also received an offer to “discuss potential solutions” from S7 and NordStar. Also, Japanese companies Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance will stop war risk insurance for ships passing through Russian waters from January 1, 2023.
Stop new business in Russia while meaningfully cutting exposure by 56%. Credit Suisse is shocked, with 17.6 billion Swiss francs blocked in CS alone. UBS sets ‘red lines’ for Credit Suisse staff as it completes takeover. UBS executives have drawn up a list of nearly two dozen “red lines” that prohibit Credit Suisse staff from a range of activities from the first day the two banks are combined, according to people with knowledge of the measures. Prohibited activities include taking on clients from countries such as Libya, Russia, Sudan and Venezuela and launching new products without approval from UBS managers.
Plans to stop investments in Russia this year
Suspending investments in Russia. Continuing to supply food packaging, hygiene and cleaning products. Continuing to operate a polymer dispersion plant in Russia. Has a stake in a polyurethane systems joint venture in Russia. Pledge of $275 K for humanitarian aid for Ukrainian people.
Received revenues in Russia. Denizbank have suspended use of Russian payment system Mir, the banks said on Monday, following a U.S. crackdown on those accused of helping Moscow skirt sanctions over the war in Ukraine. The Turkish bank began to reset and close the accounts of the Russians. The Turkish bank began to reset and close the accounts of Russians.
Initially made complete blocking of the payment system. But in October 2023, the American company Apple has published new rules for Russian app developers, allowing their users to use external payment methods for making purchases without Apple's involvement.
Bank of America began to close the accounts of Russian consulates. This was reported by RBC-Ukraine with reference to the statement of Russian Ambassador to Washington Anatoly Antonov. In Aug-2022 cautiously returned to the market for Russian government and corporate bonds. "Merrill Lynch Securities" (part of the Bank of America group) is put up for sale.
India's Bank of Baroda has stopped clearing payments for Russian oil sold above the price cap set by the West.
Cautiously returned to the market for Russian government and corporate bonds.
BitMEX to Restrict Services to Russians in EU due to sanctions, Russians in Russia will not be affected
Suspend new business activity and investments; continue cooperation with current clients. JPMorgan Chase and Bank of New York Mellon will stop servicing Gazprombank's correspondent accounts at the end of January 2023.
Crypto exchange Bybit initially didn't plan to sanction russian users despite MAS call. But later, following Binance, crypto exchanges OKX and Bybit closed operations with sanctioned Russian banks on p2p platforms.
The company decided to stop soliciting any new business or clients. The company continue to reduce the remaining operations in Russia and expand the scope of the exit process but cautiously returned to the market for Russian government and corporate bonds and buy Russian debt. Citigroup on Friday, October 14 announced plans to shut down its institutional banking operations in Russia as Vladimir Putin’s assault on Ukraine stretches into its seventh month. Finding a buyer for Russian business proved near impossible. After exhausting all options, in August 2022 Citi started winding down both consumer and local commercial banking businesses in Russia, selling select consumer banking portfolios where possible and making sure their colleagues, clients and partners were supported during the wind down process. Continue to work with multinational clients to end nearly all institutional banking services by the end of Q1 2023. At that point, only operations in Russia will be those necessary to fulfill the remaining legal and regulatory obligations. Also, it was analized that Citibank cannot be sold due to problems with the IT system. Citibank will suspend the purchase of dollars and euros at the box office. Citibank is winding down its ATM network in Russia.
Coinbase CEO says he’ll only freeze Russia’s crypto if U.S. forces it. Crypto exchange Coinbase has blocked wallets associated with Russians.
Dushanbe City Bank Suspends Russia's Mir Payment System. Dushanbe City Bank began issuing cards of the Russian payment system "Mir" in Tajikistan, combined with the national payment system of the republic "Korti Milli".
One of the largest banks in the UAE — Emirates NBD — will begin transferring assets of Russians to separate accounts, where all payments on securities belonging to them will go. Investors managed to unlock part of the assets on accounts with Emirates NBD. We are talking about securities of American issuers and part of the funds on investment accounts in ENBD. Access to European securities and payments on them remains limited.
Euroclear Bank already: does not accept any orders for ruble transfers; does not process ruble payments that are associated with such events as receipt of income from securities or funds from redeemed securities. Euroclear helps to block the resources of sanctioned Russian companies and even earns from this because they have free resources, part of which they can even transfer to the benefit of Ukraine. Euroclear resumes settlements on several issues of federal loan bonds (OFZ) and sovereign eurobonds of the Russian Federation in euros maturing in 2025. The total amount of claims against Euroclear and Clearstream is close to ₽700 billion.
Turkish bank Fibabanka banned citizens of Russia and Belarus from using their bank cards outside of Turkey.
Has Been Selling Russian Assets Since March, RF bonds and stocks down by 95% compared with a year prior
Suspend many transactions and cease new financing
Ongoing operations but limited purchasing of securities of any Russian company. This means that clients cannot open new positions in Russian securities, including their derivatives. Clients may hold their existing positions in non-sanctioned Russian securities or sell their positions. As of June 6, 2022, clients cannot open new positions (long or short) in non-sanctioned Russian securities. However, they may sell or hold their positions in non-sanctioned Russian securities.
Shuts its Russia ETF (exchange-traded fund) after suspension in March
Turkish lenders Isbank have suspended use of Russian payment system Mir, the banks said on Monday, following a U.S. crackdown on those accused of helping Moscow skirt sanctions over the war in Ukraine.
JP Morgan Asset Management has also suspended its Russia Equity Fund. It will not be investing in Russia or Belarus for the foreseeable future.
JBIC (govt bank) has suspended loans to a Russian natural-gas project in Siberia operated by Russian energy company Novatek.
Cautiously returned to the market for Russian government and corporate bonds
Wind down Russian office, suspend new business in Russia, reduce current exposure; retain current Russian clients. The Swiss bank Julius Baer, on the instructions received from the Belgian depository Euroclear, will carry out the segregation of securities of Russian citizens who do not have passports, residence permits of the European Union, the European Economic Area and Switzerland. One of the largest banks in Switzerland, Julius Baer, is going to stop serving clients from the Russian Federation in the near future. The financial organization intends to close the accounts of Russians using its services by December 31, 2023.
The Kazakhstan Stock Exchange (KASE) has decided to delist the shares of some Russian companies, including Yandex. Trading in shares of Russian companies, including Gazprom, Nornickel, LUKOIL, and Magnit, Sberbank, VTB and some others, was suspended on KASE as early as March 1 last year.
Due to the events related to the war in Ukraine caused by Russian aggression involving Belarus, Komerční banka has decided not to make payments to Russia and Belarus in any currency from March 1, 2023, outside the framework of legal sanctions.
Paused transaction through cards in Russia
US authorities suspected Kraken of violating sanctions. In February 2022, Powell rejected a proposal to block the accounts of all users from Russia without legal requirements. He emphasized his respect for the people of Ukraine, but explained his position with libertarian values. Kraken is the latest cryptocurrency exchange to restrict accounts of Russian users on its platform in compliance with sanctions from the European Union.Russian users would be able to withdraw their funds by request.
Huobi and KuCoin, both based in Seychelles, still allow traders to transact with debit cards issued by sanctioned Russian banks, including Sberbank, on their peer-to-peer platforms. On the p2p platform of the KuCoin crypto exchange, the Russian banks "Sber", "Tinkoff" and others, in respect of which sanctions have been imposed, were removed.
New restrictions on payments received from banks in Russia and Belarus
Suspended some Russian imports. Russian aluminium giant Rusal mulls selling directly on LME. The London Metal Exchange (LME) said it has suspended the inflow of Russian base metals into its US registered warehouses due to the planned imposition of tariffs on Russian metal by the United States.
Japanese expats working for MUFG Bank (Eurasia) have moved out of Russia to work outside of the country on a temporary basis
Suspend commercial operations within Russia