More companies close plants as Ukraine conflict begins to squeeze
The move comes after Russia launched an invasion of Ukraine on Thursday.
French carmaker Renault will suspend some operations at its car assembly plants in Russia next week due to logistics bottlenecks that have caused component shortages.
The move comes after Russia launched an invasion of Ukraine on Thursday although Renault, which has three car assembly plants in Russia, did not specify whether its supply chain had been affected by the conflict.
Renault, which returned to profit in 2021 after two years of losses, is among Western companies most exposed to Russia, where it makes 8% of its core earnings.
Separately, a car plant in Togliatti, central Russia, may stop some assembly lines on Monday, Russia's top carmaker Avtovaz - which is controlled by Renault - said, citing persisting global shortage of electronic components. It said the plant should be fully operational on Tuesday.
The US announced sweeping export restrictions against Russia on Thursday, hammering its access to global exports of goods.
Elsewhere, tobacco giant Philip Morris International said it would temporarily suspend its operations in Ukraine, including at its factory in Kharkiv, following the Russian invasion of the country.
It follows similar moves by Carlsberg, Nestlé and Coca-Cola Bottlers. Philip Morris said it has one factory and more than 1,300 employees in the country.
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