Colliers, Norton Rose exit Russia as Couche-Tard suspends operations in the country

Alimentation Couche-Tard Inc. says it is suspending itsoperations in Russia, effectiveimmediately, while ColliersInternational and Norton Rose Fulbright are ending their businessesin the country, citing the increasingly brutal invasion of Ukraine.

Couche-Tard chief executive Brian Hannasch condemned Russia's aggression against Ukraine and the impact it is having for both Ukrainians and Russians.

The Quebec-based convenience store retailer, which operates under the brand Circle K outside of the province, says it is implementing plans to take care of its Russian employees in a responsible and safe manner as it winds down its operations.

"Couche-Tard has had stores in Russia for nearly three decades,and we are proud of our Russian team members and their dedicatedservice to local customers and communities," he said in a newsrelease.

Couche-Tard says it has operated under its primary brand Circle K in Russia. It has 38 stores located in St. Petersburg, Murmanskand Pskov, and more than 320 employees.

Colliers discontinues business in Russia, Belarus

Meanwhile, commercial real estate firm Colliers says it hasdiscontinued its business in Russia and Belarus, effectiveimmediately, after more than 28 years of operations.

"I am appalled and saddened by the unnecessary loss of life andthe displacement of millions of Ukrainians from their home. Wecannot and will not stand idly by," stated global chairman and CEOJay Hennick.

WATCH | Sanctions wreak havoc onRussia'seconomy:

Sanctions send Russia's national economy into meltdown

3 years ago

Duration 2:04

International sanctions levied against Russia for its invasion of Ukraine have wreaked havoc on the federation's business owners, stock market and overall national economy.

Colliers says its affiliate office in Kyiv is closed and allbusiness operations in Ukraine have been suspended as it prioritizesthe safety and welfare of its employees and clients. The Toronto-based company says it is supporting Ukrainiancolleagues who remain in country, those who are seeking refuge andtheir families.

It said operations in neighbouring countries are providingtemporary accommodation, monetary support and other necessities.

Colliers said the company and senior leadership have donated tothe Ukraine Crisis Appeal through the International Committee of theRed Cross and other humanitarian charities and is matching employeedonations.

Law firm to wind down Russian operations

Law firm Norton Rose Fulbright said it is winding down operationsin Russia and will be closing its Moscow office with 50 employees asquickly as it can, in compliance with its professional obligations.

"We are not accepting any further instructions from businesses,entities or individuals connected with the current Russian regime,irrespective of whether they are sanctioned or not," it said in astatement.

"In addition, we continue to review exiting from existing workfor them where our professional obligations as lawyers allow. Wherewe cannot exit from current matters, we will donate the profits fromthat work to appropriate humanitarian and charitable causes."

The move follows announcements last week by several other Canadian companies who have also suspended operations in Russia.

Canadian pension funds and investment firms have also announced they are divesting their holdings in Russian companies.