The Globe and Mail reports in its Thursday, Aug. 8, edition that more than two years after Russia's full-scale invasion of Ukraine, some Canadian companies still have operations in Russia.
The Globe's David Milstead writes that while many companies rushed to get out within weeks of the outset of the war -- sometimes at great cost -- a Globe review found that some continue to own businesses or joint ventures in the country. The review looked at Canadian-based companies identified in news reports in March, 2022, as having operations in Russia. CCL Industries, a Toronto label maker that is in the S&P/TSX 60 Index of large companies, still owns 50 per cent of a Russian-headquartered joint venture called CCL-Kontur.
Calgary's Calfrac Well Services says it is trying to find a buyer for its Russian operations but is recording more revenue and profit from Russia than it did in 2021. Restaurant Brands International has cut its ties and stopped collecting revenue from 800 Burger King franchises in Russia, but those franchisees still operate under the Burger King brand. There is no blanket ban on conducting business in Russia. Canada's sanctions involve a ban on business dealings with specific individuals and companies.
© 2024 Canjex Publishing Ltd. All rights reserved.