: GE suspended Russian operations almost a year ago after the Ukraine invasion, but it hasn’t fully departed Russia

by | Feb 9, 2023 | Stock Market

Like many Western companies, General Electric Co. announced the suspension of its operations in Russia shortly after Vladimir Putin launched his devastating invasion of Ukraine last year.  On March 8, 2022 — 13 days after the full-scale Russian invasion — the industrial conglomerate said it was suspending its operations in the country, with the exception of providing essential medical equipment and supporting existing power services.

took a $263 million charge, partly as a result of its Russia move, last year. Still, GE has been criticized by the Moral Rating Agency, an organization set up after the invasion of Ukraine to examine whether companies were carrying out their commitments to exit Russia.  “GE is powering Russia while Russia is simultaneously destroying power stations in Ukraine,” Moral Rating Agency founder Mark Dixon told MarketWatch in early January, pointing to the company’s support for Russian power services. “Their glass is very half-full, and they are trying to suggest that it’s half-empty,” he added on Thursday. Read now: Kremlin could seize Russian assets of U.S. companies, warns Moral Rating Agency  Amid international condemnation of the Ukraine invasion, the wide-ranging West-imposed sanctions on Russia to cripple the country’s economy. The European Union’s raft of sanctions includes a far-reaching ban on new investment across the Russian energy sector. The E.U., though, has allowed “limited exceptions,” including for civil nuclear energy.

“ GE HealthCare told MarketWatch in February that, in addition to lawful product sales for civilian use, support and services, it continues to offer essential training to medical professionals in Russia on the safe and effective use of its imaging and monitoring equipment. ”

GE has a nuclear-engineering joint venture with Russian power company Atomenergomash. The venture, which GE inherited as part of its Alstom acquisition in 2015, helps develop civilian nuclear-power plants outside of Russia. Last year GE signed an agreement with EDF to sell part of GE Steam Power’s nuclear-power activities to the energy company. The joint venture with Atomenergomash will fall under the portion of GE Steam Power’s nuclear activities sold to EDF. GE also has a joint venture with Russian company INTER RAO UES to manufacture, assemble, sell and service gas-fired power turbines. That venture, which was set up in 2011, is focused on providing power to people in the region, according to a person familiar with the matter. Based in Moscow, INTER RAO UES is described as one of Russia’s largest electric companies. See: Moral Rating Agency slams Wes …

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