The recent decisions by McDonalds and Renault to exit the Russian Market are welcome and significant.
The French Government is the largest shareholder in Renault and is obviously influential.
Renault sold it's interest to the Russian Government (presumably at a very low price) but has a buy-back option for 6 years.
It will be very interesting to see the fine print in the Renault Deal as I suspect the buy back can be effected at or near the exit price. If so, the Balance Sheet will take a big hit but it would be far from a write off.
I don't particularly like Macron's approach and it looks as if he will look to normalise relations with Russia, at an early stage.
Mobil (the French Oil Giant) is not following Shell & BP in cutting ties with Russia.
The Kerry Group is alone as the only Irish PLC yet to exit Russia. It has decided to 'suspend' operations.
I contacted Kerry Group's Head of Investor Relations, William Lynch (
investorrelations@kerry.ie) urging Kerry to exit in the short term. If Kerry's shameful conduct continues, then I'll be ensuing no Kerry Stock remains in my pension and I'll boycott it's products.
Anyone that cares about Ukraine's appalling suffering should take every step possible to pressure Russia.
Every Little Helps.
