Hollywood studios face growing pressure to halt business with Putin’s regime as Ukraine invasion continues.
Walt Disney Co. (DIS) – Get Walt Disney Company Report is pausing release of its films in Russia as Hollywood faces growing pressure to stop doing business in the country because of its invasion of Ukraine.
“Given the unprovoked invasion of Ukraine and the tragic humanitarian crisis, we are pausing the release of theatrical films in Russia, including the upcoming ‘Turning Red’ from Pixar,” the company said in a statement late Monday.
The animated movie had been scheduled for release in Russia on March 10.
Warner Bros. made a similar decision late Monday to pull its premiere of “The Batman” from Russia, as calls from Ukrainian filmmakers for a boycott of the country intensified.
Hollywood studios are facing increasing pressure to pull their films from Russia given the ongoing invasion of Ukraine. The embattled nation has appealed to film studios to halt their business with Russia.
Russia has proved a steady source of ticket sales. Sony’s “Spider Man: No Way Home,” released in December, took in $45 million in box office receipts in Russia, according to Box Office Mojo.
Irfan Khan / Los Angeles Times via Getty Images
Many other studios have releases in the works in coming weeks.
Western nations have mounted unprecedented sanctions to isolate Russia and its dictator/president Vladimir Putin from the global financial system.
On Monday the U.S. and other nations blocked transactions with the Russian Central Bank and treasury department.
Western nations have also moved to halt Russian use of the SWIFT international payments system. Even Switzerland, with its multi-century history of neutrality, has joined the sanctions.
Even if studios decide to release films in Russia, it may become more difficult for them to transfer money out of the country as the sanctions take hold.
The Russian ruble fell about 30% against the dollar Monday, and the economy is seen as falling into recession very quickly as a result. That in turn will certainly mean less money in Russian consumers’ pockets for films anyway.
