Netflix will be stopping all future projects and acquisitions in Russia due to that country’s invasion of Ukraine, Reuters reported Wednesday (March 2).
The streaming giant previously had four Russian-language series in production and post-production. One of them was the detective drama “Zato.”
Russia has been facing blowback in the film and TV industry, with the Cannes film festival saying it would ban the official Russian delegations from its 2022 festival unless the conflict in Ukraine ends.
Netflix has also said that, under the circumstances, it won’t be adding Russian state-runs channels to the service in that country. That is despite the regulation that would require it to distribute those channels.
Read more: Russia’s Central Bank Plans Daily Auctions as Financial Squeeze Tightens
The sanctions have been coming at Russia from all angles for the past week after the Ukraine invasion, with PYMNTS writing that the country’s central bank has plans to host daily 3 trillion ruble repossession and deposit auctions, in order to help lending institutions around he country “manage their liquidity and keep overnight money-market rates close to its key rate.”
The auctions will take place starting Thursday (March 3), to be held every weekday.
In addition, Ukraine says its own banking system has been running fine across the country, with noncash transfers still working.
Read more: China Will Sit Out Russia Sanctions, Regulator Says
PYMNTS wrote that China is opposed to the sanctions on Russia and doesn’t plan to join the West in imposing sanctions.
Guo Shuqing, the head of the Chinese banking and insurance regulator, said China won’t “participate in such sanctions, and we will continue to maintain normal economic, trade and financial exchanges with relevant parties.”
Recent sanctions have included cutting Russian banks off from the SWIFT global financial messaging system.
In a briefing, Guo said the sanctions usually don’t have positive effects — and lack a legal basis.
The sanctions levied by the U.S. and other nations have forced the ruble down to historic lows — on Wednesday (March 2) it was worth 0.0091 dollars.
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