Topline
Pharmaceutical giant Pfizer will donate all profits from its Russian subsidiary to Ukrainian relief efforts and provide only a humanitarian supply of medicine to Russia, the company announced Monday, joining dozens of multinational firms altering or cutting ties with Russia over its invasion of Ukraine.
Pfizer CEO Albert Bourla said the company will donate its Russian profits to Ukraine relief efforts. … [+]
Key Facts
Medicines are excluded from international sanctions, but Pfizer said it considered voluntarily ending the delivery of medicines to Russia over its invasion of Ukraine, before it decided doing so would result in suffering and the potential loss of life.
However, the company said this does not mean “doing business as usual in Russia,” and it will no longer start clinical trials in Russia or recruit new patients for existing trials.
While it does not own or operate manufacturing sites in Russia, Pfizer said it will cease all planned investments with local suppliers to build manufacturing capacity in the country.
The decisions will ensure that “every dollar of profit derived from Russia will strengthen Ukraine and its people” as they defend themselves from an “unprovoked and unjustified attack,” Pfizer said in a statement.
Key Background
Dozens of international firms have been swift to distance themselves from Russia after its invasion of Ukraine, including withdrawing and winding down investments, closing stores, delaying releases and blocking access to products. Those trying to continue with business as usual have risked backlash from investors, consumers and politicians. Many, including energy giant Shell and fashion chain Uniqlo, have reversed initial decisions to join others exiting the country. Russian prosecutors have reportedly issued warnings to Western companies in Russia, threatening to seize assets from those withdrawing and arrest corporate leaders who criticize the government.
Further Reading
Zelensky Presses Companies—Microsoft, SAP And Oracle—To Punish Russia More (Forbes)
Deutsche Bank, JPMorgan, YouTube—Here Are The Companies Cutting Ties With Russia Over Ukraine Invasion (Forbes)
Source: https://www.forbes.com/sites/roberthart/2022/03/14/pfizer-will-donate-all-russian-profits-to-ukrainian-relief-efforts/