The Russian invasion of Ukraine on February 24th has had a major impact on businesses active in the region – and on the global economy. After an initial trickle, many western firms are leaving Russia or have done so already. Others have reduced or paused their activities in Russia. The first to leave were major oil companies with technology firms and professional service providers following suit. Chemical company BASF decided almost immediately after the invasion not to expand its business in Russia and Belarus and has since decided to wind down the company’s remaining activities in both countries by the beginning of July 2022. An exemption from this decision is business to support food production since the war appears to be triggering a global food shortage.
But, the issues are not limited to the region. The war in Ukraine has disrupted energy flows and supply chains. BASF recently warned it could be hit by fallout from the Russian invasion of Ukraine as well as measures being introduced in China to curb the spread of Covid-19. Join the American Council on Germany for a discussion with ACG Board member Michael Heinz, Chairman and CEO of the BASF Corporation and Member of the Board of Executive Directors of BASF SE, about the impact of the current crisis on the Germany economy.