Following the invasion of Ukraine, Disney has become the latest multinational corporation to halt business in the Russian Federation.
It was announced on Thursday that the entertainment company would suspend all operations in the country, including content and product licensing, Disney Cruise Line activities, National Geographic magazine and tours, local content productions, and the organization’s live television channels.
Because of the persistent attack on Ukraine and the rising humanitarian situation, the corporation announced it was putting all further operations in the country on hold.
Disney said that certain firms will want more time to halt because of contractual intricacies. The corporation has previously said that it will suspend the distribution of theatrical films in Russia. Earlier this month, other Hollywood giants Warner Bros. and Sony Pictures Entertainment said that they were considering a similar step.
Earlier on Thursday, the Japanese retailer Uniqlo reversed course and ceased its business in Russia after being pressed to do so by the government.
Fast Retailing, the company that owns the clothing chain, said this week that it intended to keep its Russian stores open because the clothing was a “necessity of life,” despite the fact that a slew of international brands, from McDonald’s and Starbucks to Burberry and Asos, had suspended operations in the country.
Fast Retailing, on the other hand, said on Thursday that it was also stopping operations because it had “recently encountered a lot of issues, including operational challenges and the aggravation of the war situation.”
The firm said that it still thought that making “daily apparel accessible to the general population in Russia” was an important element of its goal, but that it had become evident that it would be unable to continue doing so due to the obstacles involved.
The Fast Retailing Corporation has earlier made a gift of $10 million (£7.6 million) to the United Nations refugee agency UNHCR to assist individuals leaving Ukraine. It further said that staff in Europe were assisting with the delivery of clothes to refugees.