Wednesday, August 17, 2022
HomeBusinessNetflix Puts a Hold on All Future Projects in Russia

Netflix Puts a Hold on All Future Projects in Russia

Netflix has declared that it is halting any further ventures and acquisitions in Russia.

The corporation stated that it was evaluating the impact of Ukraine’s ongoing incursion.

Filming on the Russian language sitcom Zato has been put on hold.

Oracle, a cloud computing giant, has also announced that its activities in Russia have been terminated.

As attacks on Ukraine’s towns have increased, the two corporations are the latest US technology giants to take action against Russia.

Apple also announced on Tuesday that sales in Russia will be halted.

Oracle made the declaration three hours after Ukraine’s Minister of Digital Transformation tweeted the firm, pleading for help.

Ukraine has requested assistance from 50 different enterprises, according to Deputy Minister Alexander Bornyakov of the Reuters news agency, in an effort to increase pressure on Russia.

Borynakov said on social media, “More sanctions imposed, faster peace restored.”

“On behalf of Oracle’s 150,000 workers throughout the world, and in support of both the elected government of Ukraine and the people of Ukraine,” Oracle said in a tweet.

Shell, Nike, H&M, and Boeing, among other multinational brands, have broken connections with Russia or temporarily halted sales.

Foreign corporations distancing themselves from Russia have prompted Moscow to impose a temporary ban on foreigners selling Russian assets.

Head Vladimir Putin met with the president of the Russian Union of Industrialists and Entrepreneurs on Wednesday to discuss how the Russian Union of Industrialists and Entrepreneurs would try to mitigate the impact of the sanctions issued so far.

Netflix refused to say how many individuals in Russia use its streaming service.

However, it confirmed earlier this week in a Hollywood Reporter article that it will not transmit Russian official channels.

In a comment to the magazine, a Netflix spokeswoman said, “Given the current circumstances, we have no intentions to add these channels to our service.”

According to a rule that took effect on March 1, “audiovisual services” with more than 100,000 subscribers in the nation would be compelled to carry 20 main state television stations.

Bob Carlson
Bob Carlson
Bob Carlson is a business journalist, with over a decade of experience in the trenches of reporting up-to-date business news for publications all over the world. With a wealth of knowledge at his back, Bob strives to bring the most important insights into the business world for TheOptic daily.
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