Western firms head for the exit in Russia

STORY: BP took the headlines Monday (February 28), after it said it would abandon its stake in Russian oil firm Rosneft.

That will cost the British giant around $25 billion.

But the oil major is just one of many firms looking to quit Russia or halt operations there.

Norwegian oil firm Equinor says it too will start divesting from its joint ventures in the country.

British bank HSBC will wind down relations with a host of Russian banks including VTB, the country’s second largest.

That’s according to a memo seen by Reuters.

Russian airlines may also struggle to hold onto their planes.

AerCap, the world’s biggest aircraft lessor, says it will terminate leases with carriers in the country.

Over half of the 980 passenger jets in use in Russia are rented from foreign firms, according to analytics firm Cirium.

AerCap’s clients include Aeroflot and other big carriers.

Meanwhile, U.S.-based UPS and FedEX say they will halt activity in Russia and Ukraine.

The move suspends inbound and outbound shipments.

Now the withdrawals put mounting pressure on the firms that remain.

BP’s move means tough questions for other oil firms including ExxonMobil and Shell.

Both have stakes in Russian oil and gas projects.