The world's largest ad agency WPP is to leave Russia over the war with Ukraine saying that it 'stands with Ukraine' and that the actions of Putin's army were 'inconsistent' with its values.
A statement from the agency said: "WPP stands with Ukraine and the international community in condemning the Russian invasion, which has created a humanitarian crisis in the heart of Europe.
"The board of WPP has concluded that WPP's ongoing presence in Russia would be inconsistent with our values as a company, and we are therefore discontinuing our operations in the country."
The company has 1,400 employees in Russia and said it "deeply regretted" the impact these actions will have on their staff.
WPP added that the company will look to support staff, clients and partners as it withdraws from the country.
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The UK advertising group also has c.200 staff in Ukraine. The WPP statement added: “We have been inspired by their example and the outpouring of support from their colleagues in the region and worldwide. We are in constant contact with our leaders in Ukraine to provide financial and other forms of practical assistance for our employees.”
The group is partnering with UNHCR to run an emergency fundraising appeal and has pledged to match-fund donations by WPP employees.
Card payments in Russia will be severely impacted by Visa, Mastercard, American Express suspending operations in Russia. Amex is also terminating its business operations in Belarus.
American Express said its cards would no longer work in Russia at shops or ATMs. Cards issued by Russian banks in Russia will no longer work outside the country on the Amex network.
Reuters reported that several Russian banks have indicated that they will start issuing cards using the Chinese UnionPay card operator's system, coupled with Russia's own Mir network.
Across big brand and retailers, H&M, Ikea, Nike and Apple have shut down operations in Russia.
Burberry and Jaguar Land Rover have also ceased operations, while luxury retailer Hermes said it will follow suit. French companies LVMH and Chanel have also announced that they are suspending sales of goods in Russia.
