Alleged business deals with Russia are troubling AVL and Andritz – however, the Graz drivetrain specialists are refuting the claims of an elite US university.
bloody billions Putin’s tyrannical invasion of Ukraine has so far cost the lives of more than 100,000 people, and millions have been displaced – and yet there are people who are making money through and through the war. A fact that is currently provoking enormous criticism from all sides, especially against Raiffeisen Bank International. At the end of 2021, the RBI subsidiary in Russia spat out a balance sheet of no less than 18 billion euros. Money that you don’t want to miss under the gable cross of course…
List of celebrities
The renowned American university Yale wanted to know more about it and has drawn up a list of companies that still do business in Russia and that have turned their backs on the country after the outbreak of war. The list, which can be accessed online, was only updated on Monday – and there are still a few prominent local businesses on this “Hall of Shame”, as the list has been dubbed by the international media. In addition to Agrana, Fischer, Red Bull and Wienerberger, the Graz AVL List is also included.
AVL assures complete “withdrawal” from Russia
“But I have absolutely no idea why we’re on this list,” shakes Group spokesman and Chief Human Resources Officer Markus Tomaschitz. “We have completely withdrawn from Russia and disposed of all assets. AVL Russia also no longer exists.” The Styrian drive specialists now want to ask Yale University how this list came about.
Andritz AG is another illustrious name from the white-green economy. According to Yale professor Jeffrey Sonnenfeld and his team, the investment giant will continue to do business in Russia. “Due to the sanctions, doing business with Russia is de facto hardly possible,” explains spokesperson Michael Buchbauer. “We are currently still processing a few, very few, existing orders from previous years, as sanctions allow. But the scope is very small.”
In any case, at the moment all new investments in Russia are suspended. However, contact with the representations in Moscow and St. Petersburg can still be found on the Andritz homepage.
Incidentally, Magna Steyr is also on the ominous Yale list – noting that while they have currently pulled out of Russia, the door to a return has been left open.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
