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    Israel and Iran agree on ceasefire – Trump

    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

    Breaking: Iran launches missiles at US bases in the Middle East

    US military strikes Iran

    US military strikes Iran

    EFCC seeks transfer of Orji Uzor Kalu’s trial to Lagos

    Yahoo boys launder money for ‘politically exposed persons’ – EFCC boss

    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

    Gombe receives N60 billion from FG to establish Agro-Livestock Industrial Zone

    Student Loan Act: How to apply for the loan, all you need to know

    The increased prices of driver’s licenses, number plates set to take effect

    Trump congratulates Nigeria for Banning Twitter, says more countries should do same

    Trump bans citizens of 12 countries from entering the U.S, full list

    France launches mandatory online visa appointments for travelers

    France launches mandatory online visa appointments for travelers

    Federal Government declares June 6 and 9 public holidays

    Federal Government declares June 6 and 9 public holidays

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

    Sovereign Trust Insurance Plc grows Profit after tax by 43%  in Q1 2021

    Sovereign Trust Insurance Plc appoints Abimbola Oguntunde as New Board Chairman

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    Zenith Bank to exit CBN forbearance restriction end of June, confident in dividend payments

    FY 2020: FCMB Group Plc gross earnings, profit, assets see double-digit growth rates

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    Dangote Petroleum Refinery to begin distribution of PMS and Diesel nationwide

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    United Capital Group expands into Francophone West Africa

    List of Dividends announced in 2024, qualification and payment dates

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    Legend Internet Plc reports N32.9 million profit for Q1 2025

    Legend Internet Plc reports N32.9 million profit for Q1 2025

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    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    NGX Daily Equities Market Report: Market gains for third consecutive days

    NGX delists Flour Mills shares, lists additional NB and Jaiz Bank shares

    Bitcoin soars above $21,000 as U.S. dollar sags

    BITCOIN hits $103,000 for the first time

    Bitcoin (BTC) rises above US$90,000 records a new all time high

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    Bitcoin crosses US$60K, approaches All-Time High

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    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

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    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

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    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

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Russia-Ukraine War: Multinational Companies operating in Nigeria with Exposure to Russia

Thursday, 24 February 2022, 5:25 pm
in News, World
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Russia-Ukraine War: Multinational Companies operating in Nigeria with Exposure to Russia
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On Thursday, 23rd February, Russian President Vladimir Putin on Thursday ordered military action in Ukraine in a televised address on Russian TV.

As the President spoke, Russian military were already in attack position or enroute to attack positions, because shortly after the address, missiles started raining down on several Ukrainian cities including the capital Kyiv.

While explosions were heard in Kyiv and gunfire rattled near its airport, Russian troops were landing on Ukrainian coast.

While missiles and bullets were flying in Ukraine, the Europe Union, The United States of America, and their allies ratcheted up their sanctions on The Russian Federation.

  • Read also; Oil surges above $100 as Putin orders Military action in Ukraine

These sanctions targeting the Russian economy and multiple individuals in both Russia and the separatist regions of Ukraine are definitely going to affect some Non-Russian multinational companies operating in Russia.

Here are some of the International companies that have operations in Nigeria with exposure to Russia;

BASF: The German Chemicals maker co-owns Wintershall Dea – one of the financial backers of the suspended Nord Stream 2 gas pipeline – with Russian billionaire Mikhail Fridman’s LetterOne investor group. It says it generates 1% of group sales from Russia. BASF subsidiary in Nigeria, BASF West Africa is located at 1 Illupeju Bypass Illupeju Industrial Estate Lagos.

BP: British Petroleum owns a 19.75% stake in Russia’s national oil company Rosneft. It is the largest foreign investor in Russia, and also hold stakes in several other oil and gas projects in Russia. BP has no physical presence in Nigeria but sells its aviation fuel through 11 Plc.

Coca-Cola HBC: The company bottles Coke for Russia, Ukraine and much of Central Easter Europe. It employs 7,000 people in Russia. Nigeria Bottling Company bottles Coke in Nigeria and has multiple bottling plants across the country.

Engie: The French gas utility is one of five co-financiers of Gazprom (MCX:GAZP)’s Nord Stream 2. The Nord Stream 2 is a system of offshore natural gas pipelines in Europe, running under the Baltic Sea from Russia to Germany. It was supposed to bring Russian Gas to Western Europe bypassing Ukraine.

Equinor: The Norwegian company has minority stakes in three Russian oilfields. Equinor Nigeria has been in Nigeria since 1992, and played a significant role in developing deepwater oilfield Agbami, holding 20.21% stake in the field.  Equinor also operates OML 128 and 129.

Renault: The French carmaker has a 69% stake in Russian joint venture Avtovaz which is behind the Lada car brand and sells more than 90% of its car production locally. Renault vehicles are marketed by Coscharis Motors in Nigeria,

Shell: The Anglo-Dutch oil company owns 27.5% of the Sakhali-2 liquefied natural gas project, which has an annual capacity of 10.9 million tonnes and is operated by Gazprom. It’s also one of the five co-financiers of Nord Stream 2.  Shell’s subsidiary, The Shell Petroleum Development Company of Nigeria (SPDC) is the pioneer and leader of the petroleum industry in Nigeria. It has the largest acreage in the country from which it produces some 39 per cent of the nation’s oil.

TotalEnergies: The French oil major is one of the biggest investors in Russia with a 19.4% stake in Russia’s Novatek, a 20% interest in the Yamal LNG joint venture, 21.6% of Arctic LNG 2, a 20% stake in the onsHhore Kharyaga oil field and various holdings in the country’s renewables, refining and chemicals sectors, according to its website. TotalEnergies Nigeria have  been active in the country for more than 60 years in oil and gas exploration and production, natural gas liquefaction and the marketing of products and services.

Mitsubishi Corp: The company distributes Mitsubishi Motor vehicles through some 141 dealerships in Russia and has a stake in Sakhalin II gas and oil development project that supplies Japan with liquefied natural gas (LNG) and trades coal, aluminium, nickel, coal, methanol, plastics and other material. It also supplies power plant equipment and other machinery to Russia. Mitsubishi Nigeria distributes its vehicles through dealership in major cities in the country.

Toyota: The company’s plant in Saint Petersburg, Russia, makes Camry and RAV4 vehicles, and it has a sales office in Moscow. It has about 2,600 staff, including 26 Japanese nationals, at those locations. Toyota is the most popular vehicle driven in Nigeria. The company has multiple dealers spread across every part of the country.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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