More Western firms may pull out from Russia

Taking a hit: A sign displays foreign currency exchange rates to the Russian ruble in Moscow. The blizzard of sanctions placed on the country is causing money managers to fear that the financial damage will last for years. — Bloomberg

NEW YORK: More Western companies are expected to pull out of Russia, as corporations and investors across industries follow the lead of energy firms BP and Shell that abandoned multi-billion-dollar positions after the invasion of Ukraine.

Leading banks, airlines, auto makers and more have cut shipments, ended partnerships and called Russia’s actions unacceptable. Many more said they were considering action.