U.S. Rep. Maxine Waters (D-CA) is seeking information from various trade associations seeking information on what actions financial institutions and businesses have cut ties to Russia and businesses that support the Russian government.
“I have been heartened by how many companies in the financial services industry and in corporate America have taken actions above and beyond those explicitly called for by U.S. sanctions. With varying degrees of withdrawals, iconic American car and airplane giants, accounting and consulting firms, Wall Street firms, and food and entertainment companies that have become household names in Russia have made the decision to voluntarily leave Russia… Even though multiple companies have voluntarily divested from Russia, the Committee currently lacks a clear picture of the extent of these divestments,” Waters, chair of the House Financial Services Committee, wrote to the leaders of the trade association leaders, which represent thousands of American firms.
In March, Ukrainian President Zelenskyy addressed the United States Congress and called on American businesses to withdraw immediately from Russian markets.
“Even though multiple companies have voluntarily divested from Russia, the Committee currently lacks a clear picture of the extent of these divestments. To that end, I am requesting detailed information on the significant actions that America’s financial institutions and businesses have taken to end their relationships and engagements in Russia, with the Kremlin, and with businesses that support the Russian government,” Waters wrote.
Specifically, the Committee is seeking feedback on actions undertaken by the industry and the identities of companies within the trade associations that have exited or are winding down business activities in Russia and with Russia-based firms. Waters also asked for the identities of companies that remain engaged in business activities in Russia and with Russia-based firms. Further, she is seeking information on their plans to either wind down or end such activities or why they plan to continue such activities.
In addition, Waters and the Committee are seeking information on activities by companies within the associations to comply with U.S. and allied sanctions.