More Aerospace Businesses Alter Relationships With Russia

Dozens of aviation-related companies have either scaled back or ceased operations there in light of attack on Ukraine.

Since Russia’s attack on Ukraine, more than 400 companies have pulled back from Russia, changing their relationships to comply with sanctions, or in solidarity with Ukraine. 

As the conflict escalates, the actions companies have taken seem to fall into five categories. The Yale School of Management has masterfully tracked all company actions and has separated them based on the magnitude of their responses:

  • Complete withdrawal
  • Temporary suspension
  • Reducing activity
  • Paused future developments
  • Companies who plan to stay

We’ve paired down the list to highlight the aviation companies taking aviation, as well as some of these companies whose business operations participate in the aviation industry indirectly, only providing auxiliary—but still critical—support. 

Apart from the companies we mentioned before, here are the latest moves: 

WITHDRAWAL- Ceased operationAction
AerCap (NYSE: AER)Cease lending to Russians
American Airlines (NASDAQ: AAL)No flying over Russian airspace
Centrica (OTCMKTS: CPYYY)Exit gas supply partnership with Gazprom
Exxon (NYSE: XOM)Exit Rosneft partnership
Korean Air Lines (KRX: 003490)No flying over Russian airspace
Marsh McLennan (NYSE: MMC)Exit operations in Russia
United Airlines (NASDAQ: UAL)No flying over Russian airspace
SUSPENSION – Keeping Options Open for Return
Airbus (US OTC: EADSY)Suspend supply of parts to Aeroflot
Alaska Airlines (NYSE: ALK)Suspend Russian partnerships
Boeing (NYSE: BA)Suspend operations in Russia/titanium purchases
Bombardier (OTCMKTS: BDRBF)Restrict new Russian business
Booking (NASDAQ: BKNG)Suspend bookings in Russia
BoseSuspend all shipments to Russia
BP (NYSE: BP)Suspend operations/divest from 20 percent Rosneft stake
Bridgestone Tire (OTCMKTS: BRDCY)Suspend manufacturing in Russia and shipments into
Dassault Aviation (OTCMKTS: DASTY)Suspend all shipments to Russia
Delta Air Lines (NYSE: DAL)Suspend agreement with Aeroflot
Deutsche Bank (NYSE: DB)Wind down business in Russia
DHL (OTCMKTS: DPSGY)Suspend all shipments to Russia
Expedia (NASDAQ: EXPE)Suspend bookings in Russia
FedEx (NYSE: FDX)Suspend all shipments to Russia
Honda (NYSE: HMC)Suspend all shipments to Russia
Honeywell (NASDAQ: HON)Suspend virtually all sales in Russia
Johnson Controls (NYSE: JCI)Suspend operations in Russia
Juniper Networks (NYSE: JNPR)Suspend sales in Russia
Neste Oyj (OTCMKTS: NTOIY)Suspend purchases of Russian oil
Raytheon (NYSE: RTX)Suspend operations in Russia
Rockwell Automation (NYSE: ROK)Suspend operations in Russia
Rolls Royce (OTCMKTS: RYCEY)Suspend all shipments to Russia
Sabre (NASDAQ: SABR)Suspend partnership with Aeroflot
Shell (NYSE: SHEL)Suspend operations in Russia
Stellantis (NYSE: STLA)Suspend operations in Russia
Uniper SE (ETR: UN01)Suspend new Russian gas purchases/divest Unipro
UPS (NYSE: UPS)Suspend all shipments to Russia
Valero Energy (NYSE: VLO)Suspend purchases of Russian oil
Viva Energy (ASX: VEA)Suspend purchases of Russian oil
SCALING BACK – Reducing Current Operations
Allianz (OTCMKTS: ALIZY)Meaningfully reduce exposure to Russia
Amadeus IT Group (OTCMKTS: AMADY)Suspend partnership with Aeroflot
BNP Paribas (OTCMKTS: BNPQY)Suspend new business in Russia/curtail financing
Bosch (NSE: BOSCHLTD)Suspend some shipments and plants but not all
GE (NYSE: GE)Suspend certain operations but continue others
Michelin Tire (OTCMKTS: MGDDY)Halting production at some plants/reviews
PAUSED – Holding Off New Investments/Development
ADM (NYSE: ADM)Unspecified scaling down of non-essential operations
Air Liquide (OTCMKTS: AIQUY)Suspend investment/development but not operations
BASF SE (OTCMKTS: BASFY)Suspend new Russian relationships but not existing
Pirelli (BIT: PIRC)Suspend new investments in Russia
TrafiguraSuspend new investments in Russia
DECIDING TO STAY–Opted to continue business
Credit Suisse (NYSE: CS)$1 billion in net exposure to Russia
Emirates AirlinesNot disclosed publicly
Renault (OTCMKTS: RNLSY)Local workforce of 40,000 and 10% of revenues

It still isn’t immediately clear how those moves will reverberate through the various supply chains, but as many companies depend on operations in the affected regions for both top and bottom lines of revenue, they won’t be insignificant.    


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