One of the most present Quebec companies in Russia, BRP (Bombardier Recreational Products), finally suspends its activities in the country of Vladimir Putin.
• Read also: War in Ukraine: BRP considers leaving Russia
“Given the instability of the current situation and the trade complexities, we are temporarily ceasing the export of our products to Russia,” spokeswoman Biliana Necheva said in a written statement sent to the Newspaper.
Thusday, The newspaper reported that BRP was planning, because of the conflict, to withdraw from the Russian market, which represents 5% of its total sales.
The manufacturer says its priority “is to take care of its employees, its dealers and its customers”.
BRP has around 40 employees and supplies around 100 dealerships in Russia. The multinational has an office in Saint Petersburg, the country’s second largest city.
BRP’s decision sent the company’s stock plummeting. On the Toronto Stock Exchange, the stock closed at $87.66, down $4.82 or 5.2%.
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Bombardier stops selling
The aircraft manufacturer Bombardier wanted to clarify to the Journal that under the announced restrictions, activities are de facto suspended in Russia.
“With the sanctions in place, we do not sell or deliver parts to Russia,” company spokesman Mark Masluch said.
The Bombardier name has recently been associated with billionaires close to Putin who own jets manufactured by the Quebec company.
For its part, the largest manufacturer of hockey jerseys in the world, Apparel SP, which notably supplied the Russian KHL league, announced that it was suspending its activities.
“We were supplying two teams at the moment, we were in talks with three others. But given the situation, I told the team to stop everything,” said Steve Bérard, owner of the company.