A list of Canadian companies who have cut relations with Russia as a reaction to the invasion of Ukraine

Canada Companies Stopped business in Russia

Following Russia's aggressive invasion of Ukraine, a number of Canadian companies have suspended or confirmed their exit from the country. The following is a partial list of those companies:

Alberta Investment Management Corp. — Alberta investment management has said that it will sell all of its Russian holdings and will not buy any during the conflict. It had less than $99 million in direct and indirect Russian securities exposure at the end of February, representing 0.06 percent of its $160 billion in assets under management. It does not have any direct ties to Russia.

Alimentation Couche-Tard Inc. – The convenience store retailer promptly discontinued operations in Russia, where it has been doing business for nearly 30 years. It has 38 locations and over 320 staff.

Arc'teryx — Arc'teryx's parent company, Amer Sports, has announced that all commercial activities in Russia, including store and e-commerce sales, as well as shipments to wholesale partners in the nation, have been suspended. Although Arc'teryx does not have storefronts in Russia, Amer Sports previously made Arc'teryx's items available through a common sales office.

Bausch Health Companies — The pharmaceutical company says it hasn't decided whether or not to cease shipment of "critical medical items" to Russia, which account for less than 2% of overall revenues. It has given Ukraine an unknown amount of items.

Bombardier Inc. — All activities with Russian clients, including technical assistance, have been suspended, according to the business jet manufacturer.

British Columbia Investment Management Corp. — The pension fund in British Columbia has stated that it is attempting to sell the remaining Russian stocks. It began selling its holdings before the invasion and will attempt to sell the remaining $107 million in stock.

BRP Inc. – The recreational vehicle manufacturer has announced that it would halt exports to Russia. Sales in Russia have decreased to fewer than 5% of total revenue since Russia's annexation of Crimea in 2014 and western sanctions. It has been operating in Russia for about 30 years and employs approximately 40 people, including a branch in St. Petersburg.

CAE Inc. — The aviation training and simulator company announced that "in light of Russia's invasion of Ukraine," it has ceased all services and training to Russian airlines, aircraft operators, and health-care distributors. It has halted pilot training at Russian airlines, as well as corporate and cargo operators. CAE has also halted sales of that product to Russian carriers, as well as surgical and patient simulators to healthcare providers.

Caisse de dépôt et placement du Québec — According to Canada's second-largest pension fund manager, shares in companies affected by Western sanctions, particularly those in the oil and gas and financial services industries, were sold. CEP, on the other hand, they are included in many global indexes, Charles Emond believes there could be some Russian exposure. Calfrac Well Services Ltd. — The oilfield services firm says it has halted all investments in Russia and has canceled all shipments destined for the country.

Canada Goose — All wholesale and e-commerce sales to Russia will be stopped, according to the winter parka company.

Canadian Tire Inc. — Helly Hansen operations in Russia have been halted, according to the retailer, which includes 41 retail stores, online sales, and product shipping, as well as over 300 employees who will be paid during the downtime.

Colliers International — After more than 28 years, a commercial real estate firm has announced that it is ceasing operations in Russia and Belarus. Closes its affiliate office in Kyiv and suspends its operations in Ukraine.

Gowling WLG — The Canadian-UK legal firm announced that it is exiting Russia and handing over the business to its Moscow team. Gowling stated it will no longer accept new orders from Russian clients, whether sanctioned or not and will discontinue connections with Russian clients in a professional manner.

Kinross Gold Corporation (KGC) — The gold miner says it has halted all operations at its Udinsk development project in Far East Russia and is in the process of halting operations at its Kupol mine while continuing to mitigate the mine's environmental impact.

Norton Rose Fulbright — The law company has announced that it would cease operations in Russia and close its Moscow office, which employs 50 people. It will not tolerate economic dealings with the Russian authorities or the examination of current contracts.

Magna International Inc. — The Ontario-based car parts producer says it is suspending operations at six of its sites, which employ approximately 2,500 workers.

McCain Foods Ltd. — The food company has halted the development of its Russian manufacturing facility in the Tula Oblast region and is re-evaluating the project's viability.

OpenText – The IT firm says it has halted all operations in Russia until the conflict is over and sanctions are lifted. OpenText stated that it expects business disruptions for its clients and that it is prepared to assist in the resolution of these issues by being proactive and alert in the monitoring of cyber-threats.

Public Sector Pension Investment Board. — (PSP Investments) announced that it will sell all of its Russian holdings and quit the market "as soon as market conditions allow." According to the Montreal-based firm, it has no major exposure to Russian investments and no private direct interests in Russia.

Purpose Investments Inc. — Purpose said that it has divested all direct stakes in Russian companies and that it will refrain from making new investments as long as Russia's invasion of Ukraine continues. The firm also urged the investing community to support the divesting of Russian assets from portfolios.

Restaurant Brands International —  Burger King's parent company has stopped all corporate support, including operations, marketing, and supply chain, for the 800 franchised units in Russia. It also refuses to approve foreign investment and expansion in the country. Restaurant Brands International earlier indicated that any proceeds from Russia will be directed to humanitarian relief for Ukrainian refugees and that it would donate $1 million to the UNHCR, the UN refugee agency. Franchisees in Europe are also collaborating with local NGOs to offer US$2 million in free Whopper meal tickets to Ukrainian migrants coming into the region.

Rio Tinto – The global mining company is assessing any existing economic links with Russia, but it has no operational assets or employees in the country.

Shopify Inc. — The e-commerce behemoth's activities in Russia and Belarus have been temporarily halted. Shopify will not collect fees from Ukrainian merchants and partners in the near future.

SNC-Lavalin (SNC-Lavalin) — The engineering firm's part in the OAO VNIPIneft joint venture, which was established a few years ago, is still being sold. After selling its resources oil and gas business, which included operations in Russia, the corporation has no additional commercial activity in the nation.

WSP Global — The engineering firm claims it has no employees or offices in Russia or Ukraine, but it has decided to depart a "small number" of ongoing projects in Russia with a total economic exposure of less than $1 million. In Russia and Belarus, it will no longer pursue new ones.

The Canadian Press first published this report on March 17, 2022.

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