More US Companies Join In Restricting Products and Services In Russia

Russia's invasion of Ukraine last week, citing a "special operation," prompted the Western governments to put sanctions on Russia. Many major U.S. conglomerates are aligning with the sanctions and are restricting their products and services in Russia.

Netflix Inc NFLX temporarily stopped all future projects and acquisitions in Russia. Netflix had four Russian-language series in production and post-production, Reuters reports.

Earlier this week, Netflix protested adding state-run channels to its Russian service, despite a regulation.

Related Content: Facebook, Apple, Google Ban Their Products and Services In Russia

Spotify Technology S.A. (NYSE: SPOT) closed its office in Russia indefinitely, Reuters reports. It admitted to reviewing thousands of pieces of content since the start of the war and restricted the discoverability of shows owned and operated by Russian state-affiliated media.

Earlier this week, Spotify removed all content from state media R.T. and Sputnik from Spotify in the E.U., the U.S., and other markets worldwide, except for Russia.

Business software firm Oracle Corp ORCL suspended all operations in Russia, while rival SAP SE SAP looked to pause all sales in the country, Reuters reports. "We are stopping business in Russia aligned with sanctions and, in addition, pausing all sales of SAP services and products in Russia," CEO Christian Klein wrote.

Price Action: SAP shares traded lower by 0.77% at $112.32 in the premarket on the last check Thursday.

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