Bridgestone Corp. said Monday it will suspend operations at a factory in Russia later this week while halting exports of tires to the country immediately as the situation remains uncertain following Moscow’s invasion of Ukraine last month.
The major Japanese tire-maker said it will suspend production at its passenger car tire plant in Ulyanovsk in western Russia from Friday and freeze all new capital investment.
Bridgestone said it has only one factory in Russia, and sales from the country account for around 2% of the group’s total revenue.
In a statement, the company said it reached the decision “after examining the latest situations thoroughly and comprehensively.”
Bridgestone also said it will donate a total of around ¥500 million ($4.2 million) to the Office of the U.N. High Commissioner for Refugees, the International Red Cross and other entities as humanitarian aid to Ukraine.
The move by the world’s second-largest tire-maker by sales value follows the departure of many global businesses from Russia due to concerns over supply disruptions amid the Ukraine crisis and other reasons.
Among Japanese automakers, Toyota Motor Corp. has suspended operations in Russia, while Honda Motor Co. has halted shipments of vehicles and motorbikes to the country.
Fujitsu Ltd. also said Monday it has stopped sales of its servers in Russia since early March. “Reflecting on the present circumstances, Fujitsu shall cease all new orders and deliveries of products and product-related services in Russia,” it said in a statement.
Meanwhile, the Dublin-based aircraft leasing arm of Japan’s Sumitomo Mitsui Financial Group has notified Russian airlines that it is terminating their leases, it said, in line with sanctions against Moscow over the invasion of Ukraine.
The move by SMBC Aviation Capital comes after Western sanctions at the end of last month that gave the industry, which controls about half of the world’s airline fleet and provides a vital source of financing, a month to act.
“SMBC Aviation Capital continues to carefully monitor developments in Ukraine and is engaged with all relevant authorities,” a spokesperson for the lessor said late on Monday.
“The business will fully adhere to all relevant sanctions and we have issued termination notices in respect of all leases with Russian airlines.”
SMBC Aviation Capital leases 35 aircraft to Russian airlines Aeroflot, S7 Airlines, Ural Airlines, Nordwind Airlines and Nordstar Airlines, according to the spokesperson.
It owns 356 aircraft in total, according to its website.
Russian President Vladimir Putin signed a law allowing Russian airlines to operate leased planes without a foreign certificate, news agency Tass reported on Monday.