A multi-billion-dollar Toronto company just bailed on doing business in Russia
A real estate titan based in Toronto is the latest major business to pull out of Russia and Belarus.
Colliers International Group announced on Monday that it would discontinue operations in the two countries now waging an unprovoked war on Ukraine and its democratically-elected government.
The multi-billion-dollar NASDAQ and TSX listed company is headquartered in Toronto and operates in 64 countries worldwide. Russia and closely-aligned neighbour Belarus are now off of that list of nations, the withdrawal of western businesses among the many economic penalties the two states are paying for their aggression.
In a statement released on Monday, Colliers said that the company "stands with the people of Ukraine, an independent country, and strongly condemns the invasion by the Russian military," adding that "these actions are indefensible and in complete contrast to the principles of democracy and freedom."
The statement continues with a show of support for the economic sanctions enacted by the international community and officially notes the company's exit from the two markets, saying, "Colliers has discontinued its business in Russia and Belarus, effective immediately, after more than 28 years of operations."
Colliers stands with the people of Ukraine. Effective immediately, we have discontinued our business in Russia and Belarus after more than 28 years of operation. Our decision to exit is one we make with conviction – it is the right thing to do. https://t.co/MdzwdkjZfh— Colliers (@Colliers) March 7, 2022
Jay Hennick, Global Chairman & Chief Executive Officer of Colliers, said that he is "appalled and saddened by the unnecessary loss of life and the displacement of millions of Ukrainians from their home."
"We cannot and will not stand idly by. Our decision to exit Russia and Belarus is one we make with conviction," said Hennick.
Meanwhile, Colliers is still in Ukraine, though their office in Kyiv has been closed since the start of hostilities and current business operations have been suspended. The company has focused its resources on supporting civilians and refugees, donating big bucks to humanitarian efforts.
As for their former business in Russia and Belarus, Colliers' statement thanks them for their work and wishes them well "as they navigate the future."
One gets the feeling that "navigating" is a heck of an understatement, the Russian ruble now worth a staggeringly low 0.0083 Canadian Dollars under international pressure.
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