The company that oversees the Domino’s Pizza brand in Russia said it will file for bankruptcy there, signaling a definitive end to its operations in that country nearly 18 months after President Vladimir Putin launched an unprovoked invasion of neighboring Ukraine.
DP Eurasia, the franchisee for Domino’s in Europe and Asia, cited unspecified business challenges in Russia, where it operated more than 100 restaurants. The U.S.-based Dominos Pizza has said it cut off financial support for the Russian business in December 2022.
A bankruptcy filing is now forthcoming, the company said.
If Domino’s Pizza can end their presence in Russia, when will the Norwegian Sovereign Wealth Fund?
Didn’t they promise to pull out their 51 investments by February 2022?
Last I heard is that they simply couldn’t, as the assets were locked at the bank they were using in Russia, which came under sanctions. They technically still have the investments, but have written them off as worthless.
According to this Norwegian publication in an article published January 31st 2023:
the Norwegian oil fund still holds hundreds of millions worth of shares in petroleum companies like Gazprom, Novatek, Bashneft and Lukoil
Even if the value of the companies they’ve invested in lowers, they still haven’t pulled out any of their financial investments from Russia. The investments could be worth very little, but they still have something invested in Russia.
Is money more important to Norway than justice?
Norwegian Government on February 28, 2022, ordered the Oil Fund to freeze all investments in Russia and prepare a plan for divesting with the goal of totally exiting the Russian stock market
Why has it taken them much more than a year to even communicate their ‘plan’ to make the divestment happen?
Is Domino’s Pizza really better at handling their finances than the wealthiest pension fund in the world?