Although the United States and Russia have imposed economic sanctions on each other since 2014, several large U.S. corporations, including PepsiCo Inc
But new developments have raised the possibility of fresh challenges for U.S. companies in Russia.
The United States on Wednesday announced it would impose fresh sanctions on Russia after Washington determined Moscow had used a nerve agent against a former Russian double agent, Sergei Skripal, and his daughter, Yulia, in Britain. Russia on Thursday condemned the new round of sanctions as illegal and said it had begun working on retaliatory measures.
A senior U.S. State Department official said on Thursday the sanctions on Russia will target exports of national security-related goods including sectors such as specialized oil and gas technology and some electronics and sensors.
In April, the United States imposed sanctions on 24 Russian oligarchs and government officials and 12 Russian companies.
Russia imported $12.5 billion worth of U.S. products in 2017, according to official customs data. That included aircraft, machinery, pharmaceutical and chemical products.
Publicly listed U.S. companies generated more than $90 billion in revenue from Russia in 2017, according to the Thomson Reuters Country of Risk model, which estimates companies` financial exposure to different countries. Among the industries with the greatest exposure to Russia are food and beverages, technology and pharmaceuticals.
Here are some of the U.S. companies that maintain significant operations in Russia.TECHNOLOGY
Cisco Systems Inc`s
During Microsoft Corp`s
But following U.S. sanctions, two of Microsoft`s official distributors in Russia curbed sales of Microsoft software to more than 200 Russian companies, Reuters reported in January.CONSUMER BRANDS
In Mondelez International Inc`s
PepsiCo reported that in 2017, its Russian operations generated net revenue of $3.23 billion, which made up 5.1 percent of the company`s total net revenue.
McDonald`s categorizes Russia as a high-growth market and has opened new locations there in the past two years, according to its annual financial report.
Philip Morris International
Johnson & Johnson
In the first quarter of 2018, weaker sales growth in Russia led to lower sales in Abbott`s established pharmaceuticals business than analysts expected.AEROSPACE, INDUSTRIALS
Russia may stop supplying titanium to Boeing as part of its response to U.S. sanctions, a parliament member said, according to a report by RIA news agency.
Also in the industrials space, industrial manufacturing and engineering company Colfax Corp
Ford Motor Co
Ford now has a 3.1 percent market share in Russia, according to the company`s annual financial report. In October, the company said its Russian results "continued to improve, approaching breakeven."
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)