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Some companies are seeking ways to circumvent deals with sanctioned companies. French shipping group CMA CGM recently bought logistics group Gefco from Russian Railways by structuring the transaction in two stages. Gefco bought back its shares first, allowing CMA CGM not to have to hand the funds directly to the Russia group, two people close to the deal said. Neither group responded to requests for comment.

Others to have succeeded in selling to local slot online terlengkap management teams include Schneider Electric, Publicis and Inchcape, which has divested its transport and sales operations for BMW, Toyota and Jaguar Land Rover in Russia for £63mn.

Duncan Tait, Inchcape’s chief executive, said: “The general view [from shareholders] was you’ll get nothing from the business, and there was a concern that it will actually cost money if you keep the business and run it down.”



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