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U.S. companies Apple, Google, Ford, Harley-Davidson, Boeing and Exxon Mobil rebuked and rejected Russia for its invasion of Ukraine, under steady pressure from investors and consumers decrying the violence. Apple… The post Google, Apple, Ford, other big US brands join corporate wave shunning Russia appeared first on Nigeria''s Top News Site .

US airplane manufacturer Boeing said it was suspending parts, maintenance, and technical support for Russian airlines as the effect of sanctions in the wake of Russia’s invasion of Ukraine ripple across the global aviation industry. The announcement late on Tuesday, March 1, came as aircraft and engine manufacturers, lessors , and maintenance, repair, and overhaul (MRO) providers with Russian clients face various EU and US bans, including on leasing planes, exporting new aircraft, and providing parts. There are also potential payment difficulties after some Russian banks were barred from the SWIFT international payments system . The new sanctions isolate Russia’s aviation sector in a similar way to Iran and North Korea but will have much larger consequences given the bigger size of the Russian market and its high dependence on Western suppliers in recent years. Russia accounted for around 6% of global air traffic capacity in 2021, according to aviation consulting firm IBA, up from around 4% in 2019 due to the strong relative performance of its domestic market during the pandemic.

U.S. President Joe Biden said late Tuesday Russian leader Vladimir Putin "badly miscalculated" in his invasion of neighboring Ukraine and the thought that he could make the free world "bend to his menacing ways." Biden used the beginning of his State of the Union address to the nation to express support for Ukraine and outline the widespread, unified response from Ukrainian allies that has included sending weapons and aid to Ukraine and imposing strong economic sanctions against Russia. "Putin may circle Kyiv with tanks, but he will never gain the hearts and souls of the Ukrainian people," Biden said. "He will never extinguish their love of freedom. He will never, never weaken the resolve of the free world." Biden announced the closing of U.S. air space to all Russian flights and said the U.S. Justice Department is forming a special task force "to go after the crimes of Russian oligarchs." He reiterated that the United States will not be sending troops to fight in Ukraine, while stating that NATO allies would "defend every inch" of territory in member states. "The Ukrainians are fighting back with pure courage, but the next few days, weeks and months will be hard on them," Biden said. "Putin has unleashed violence and chaos, but while he may make gains on the battlefield, he will pay a continuing high price over the long run." Among the audience in the U.S.

"We have suspended major operations in Moscow and temporarily closed our office in Kyiv," the company said in a statement.

The moves, in diverse industries, highlight the rising economic toll on Russia after its assault on Ukraine unleashed massive sanctions across Western governments.

The development comes after Russia intensified military actions in Ukraine, with reports of major shelling in the city of Kharkiv in Eastern Ukraine.

The U.S. manufacturing companies are the latest to shut down offices and factories since Russia invaded Ukraine.

American aviation giant Boeing on Tuesday announced it was suspending its support for Russian airlines and its operations in Moscow amid a growing backlash to Russia''s invasion of Ukraine.

Biden To Ban Russian Flights Over US Airspace As Boeing Suspends Support Service For Russian Airlines Among the many things to be announced by Joe BIden in his SOTU speech tonight, one will be that the U.S. government will ban Russian aircraft from American airspace, broadening aviation restrictions as the West expands sanctions over the war in Ukraine. PRESIDENT BIDEN PLANS TO ANNOUNCE ON TUESDAY THE UNITED STATES WILL BAN RUSSIAN FLIGHTS FROM U.S. AIRSPACE FOLLOWING EU AND CANADA - RTRS This echoes a report from the WSJ which earlier noted that an order barring Russian-owned and -operated aircraft from U.S. airspace is expected to be issued as soon as within the next 24 hours. The U.S. move would follow earlier prohibitions by European and Canadian authorities. The restrictions, which Russia has retaliated against by issuing a similar ban on European flights, have disrupted airline flight plans as Russia’s invasion of Ukraine escalates. Meanwhile, in a potentially far more ominous development, Politico reporter Lee Hudson tweeted that Boeing has suspended aircraft maintenance and support services for Russian airlines, “We have suspended major operations in Moscow and temporarily closed our office in Kyiv,” Hudson tweets, citing company statement.

Add this to the list of firms pulling business out of Russia.

U.S. indices finished lower as the Russian invasion of Ukraine continues to escalate. The conflict has weighed on stocks and economic sentiment while lifting oil prices amid supply concerns. The Nasdaq composite finished lower by 1.59% to 13,532; The Invesco QQQ Trust Series 1 (NASDAQ: QQQ ) lost 1.53% to $341.49 The S&P 500 traded lower by 1.55% to 4,306; The SPDR S&P 500 ETF Trust (NASDAQ: SPY ) lost 1.52% to $429.98 The Dow Jones composite traded lower by 1.54% to 11,289; The SPDR Dow … Full story available on Benzinga.com

In a bull market for defense stocks, Boeing''s commercial business is at risk.

Boeing''s Defense, Space and Security unit makes most revenue as its Commercial Airplane unit continues to struggle with aircraft issues and COVID-19.

InvestorPlace - Stock Market News, Stock Advice & Trading Tips BA stock has multiple, positive catalysts that should lift the shares during the rest of 2022. As a result, the shares are a buy. The post Boeing Stock Looks Poised to Fly Higher appeared first on InvestorPlace . More From InvestorPlace Stock Prodigy Who Found NIO at $2… Says Buy THIS Now Man Who Called Black Monday: “Prepare Now.” Get in Now on Tiny $3 ‘Forever Battery’ Stock Early Bitcoin Millionaire Reveals His Next Big Crypto Trade “On Air”

US aviation regulators are formalising tighter oversight of new aircraft designs that were used after the Boeing 737 Max was grounded.