As Oil Goes Up, Stocks Go Down
Summary
Court documents show that the billionaire financier was involved in planning a 2004 deal that let a key investor, Robert Brockman, avoid U.S. taxes, The Wall Street Journal reports. American Express, Mastercard and Visa said they would suspend operations in the country; Netflix stopped streaming there and TikTok halted uploads; KPMG and PWC pulled out, joining several consultancies and law firms. A number of prominent consumer brands are keeping quiet, including Coca-Cola, Mars, McDonald’s, PepsiCo and Procter & Gamble. • None PepsiCo, which started selling in the Soviet Union in the early 1970s, acquired a Russian juice and dairy company in a $5.4 billion deal a decade ago. Danone said yesterday that it would suspend “all investment projects” in Russia, but still sell dairy products and infant formula to meet “essential food needs.” But some experts say that for sanctions to work, they have to hurt, including in the countries imposing the punishments.