World

Disney to restrict all businesses in Russia post the Ukraine invasion

Disney to restrict all businesses in Russia post the Ukraine invasion
Russia, showing no signs of backing down from invasion of Ukraine, has been responded by several countries with sanctions and business closure with the country.

Reportedly, Disney has joined the cohort after it announced a pause on all businesses in Russia followed by the suspension of film releases in the country last week.

According to the announcement, the company will implement a halt on content and product licensing along with Disney Cruise Line Business, National Geographic magazine & tours, and restrict local content production.

Speaking on the recent move, a Walt Disney representative mentioned that as a response to the unrelenting assault of Ukraine fuelling humanitarian crisis, Disney is pressing pause on all businesses in Russia.

Nearly two weeks ago, the Russian President Vladimir Putin ordered invasion of Ukraine, disrupting the country’s sovereignty, and reporting minimum 549 fatalities of the war, as per the United Nations.

Reports suggest that a portion of Walt Disney Company business in the country will be paused immediately, whereas some others including linear channels and content and licensing production will require some time subject to contractual complexities.

Nevertheless, Disney employees currently located in Russia will continue to work with NGO partners to offer aid to refugees on behalf of Disney.

Credible sources have reported that the Russian box office has been reluctant in terms of growth with over $445 million made in 2020, whereas the industry made $13 billion back in 2013.

Disney has emerged as the latest company to suspend business in Russia following similar moves by many entertainment companies in last couple weeks.

Just last week, Sony Pictures announced a pause on all its theatrical releases in Russia including “Morbius”.

Addressing the continuing military action in Ukraine and unfortunate humanitarian crisis in the country due to Russia’s aggressive moves, Sony Pictures paused on all theatrical releases expressing its support to the impacted.

Source Credit: https://www.foxbusiness.com/entertainment/russia-ukraine-war-disney-announces-pause-business-in-russia-due

About the author

ahadmin

ahadmin has been a part of the content industry for close to two years. Having previously worked as a voice over artist and sportswriter, he now focuses on writing articles for alpenhornnews.com, across a slew of topics, ranging from technology to trade and finance. With a business-oriented educational background, Sunil brings forth the expertise of deep-dive research and a strategic approach in his write ups.