More of the world’s top companies are pouring out of Russia as the West ramps up efforts to freeze Moscow out of the global economy.
Despite the exodus, French energy firm Total bucked the trend by announcing tepid measures today, stating it will keep doing business in Russia, but not invest in new projects.
The move stops short of its rivals BP and Shell, who have exited Russia altogether.
Total condemned Moscow launching an all out war in Ukraine, but said it will retain its existing Russian assets.
Miner Glencore also said it will keep its stakes in Moscow energy firms En+ and Rosneft, but that the holdings are under review.
The moves stuck out against a backdrop of a wave of Western business giants today severing ties with Russia.
Carmakers Volvo and Jaguar Land Rover said they are halting shipments to Russia immediately.
Motorcycle manufacturer Harley Davidson has shut off exports to Russia, as has American auto giant General Motors.
Logistics linchpins FedEx and UPS have mothballed deliveries to the country.
A group of Britain’s biggest pension funds, including Legal & General and BT, said they are considering ditching Russian assets.
Nest confirmed it is now dumping its investments in Russia.
Helen Dean, Nest’s chief executive, said: “In view of the situation in Ukraine, we’ll be removing all our investment in Russian government bonds and Russian companies as soon as possible.”
Meanwhile, the UK’s largest lender HSBC is ending relations with several Russian banks, including VTB Bank – which has been hit with Western sanctions – the country’s second largest lender.
The wave of blue-chips exiting Moscow comes on top of a sweeping set of sanctions that has frozen Russian banks out of the global financial system, adding to evidence suggesting the country is hurtling towards being cut off entirely from doing business with the West.