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South African companies and businesses leaving Russian market

July 19, 2022 | 0 Comments

Whilst the world renowned brands and international corporations continue leaving Russian market and cut their economic and financial ties with the terrorist country, Ukrainian Association of South Africa is calling upon South African companies to cease any cooperation with their Russian counterparts, both private and government owned. 

Eight years ago, Russia invaded the sovereign territory of Ukraine, annexed Ukraine’s Crimean Peninsula, occupied the country’s eastern territories, and since then has been waging war against both Ukrainian military and civilian population. On February 24, 2022, backed by Belarus, Russia expanded that war into a full-scale invasion in its effort to conquer the independent and sovereign country of Ukraine. Russia’s hostilities began as a violation of international law, and rapidly escalated into a humanitarian crisis. Such unprovoked and unlawful actions of the Russian Federation against Ukraine have been unambiguously and officially condemned by governments, NGOs, NPOs and corporations around the globe.

Doing business with Russian companies means financing missile strikes on the residential areas, hospitals, schools, shopping malls, infrastructure all over Ukraine, killing thousands of civilians, including hundreds of children. To cooperate with Russian businesses is to financially contribute to the atrocities and horrible war crimes of the Russian army against the population of the affected Ukrainian regions including robbery, kidnapping and deportation of civilians, raping women and children, conducting interrogations and demonstratively executing people (for reasons like refusal to vacate their homes, give up food etc) in order to install fear.

We appeal to your moral values and dignity, and encourage you to cut all ties with the country that is becoming an outcast of the civilized world. By doing business with Russia you are financing world-scale terrorists.  Blood-stained money will only last so long, but blood-stained conscience lasts forever.

A number of African countries are facing high grain prices and fertilizer shortages due to the war in Ukraine. Russia deliberately blocks Ukraine’s ports and sets up mines in the Black Sea, which  makes it impossible to export grain and fertilizer via the sea – the main trade channel. Russian forces burn wheat fields, and steal grain from the silos. As a results of Russian invasion 125 million people globally will be in danger of hunger, suggests the UN World Food, and the acute hunger may increase by 17% globally. 

Trading with Russia is pushing South Africa to FATF “Grey list”, which might have wide-reaching consequences for the country’s financial system, will lead to capital and currency outflows, increase of administrative and funding costs for banks, and will definitely bring reputational damage.

Shall you require more information or would like to learn more about the matter, please do not hesitate to contact us via email [email protected] or phone +27716208575.