General Electric Co.’s Russia unit had earnings of $2.5 billion in Russia and the Commonwealth of Independent States, a loose grouping of ex-Soviet Republics that includes Ukraine, and 3,400 employees in 2012.
The figures call attention to how the biggest U.S. corporations have investments around the world, including in Russia, where President Vladimir Putin has antagonized U.S. officials and European allies for his country’s actions in Crimea.
President Barack Obama has imposed sanctions on seven top Russian government officials, saying that “continued Russian military intervention in Ukraine will only deepen Russia’s diplomatic isolation and exact a greater toll on the Russian economy.”
Retaliation against Russia also has ramifications for U.S. corporations with interests in the country.
Chief executive officers “are obviously very concerned about what is happening in Russia,” John Engler, the president of the Business Roundtable and a former Michigan governor, told Bloomberg News for this story written by Sangwon Yoon and Annie Linskey.
“For some companies, it’s a substantial bit of their business. They are watching it very intently, trying to understand what will happen and what the next steps will be,” Engler said.
Read more here from Yoon and Linskey.