Russia’s war on Ukraine has ripple effects for some of Charlotte’s companies
The Russian invasion of Ukraine is being felt in Charlotte. Not just among residents who are from Ukraine or who have relatives there, but also among businesses with connections to the region.
Even some of Charlotte’s biggest companies, like Bank of America, Honeywell and Nucor, said recently that the war could hurt their businesses.
“In the case of Bank of America, for example, it said that some the geopolitical instability in Russia and Ukraine could affect commodity markets and other financial markets, which could be a downside to their business,” the Charlotte Ledger business newsletter’s Tony Mecia told WFAE’s Marshall Terry on this week’s BizWorthy. “Honeywell, which is a big diversified manufacturer, said its costs could go up because of the availability of different materials.
“And Nucor, which is a steelmaker based here in Charlotte, said it gets some of its raw materials from Russia and Ukraine, and so its costs could go up… I don’t think these are huge problems for these businesses, but it does show the ripple effects of this conflict.”
In response to Russia, some businesses and state governments are boycotting certain products. In North Carolina, Gov. Roy Cooper ordered the state-controlled ABC liquor stores to stop selling Russian alcohol.
“I think it’s mostly symbolic,” Mecia said. “Most people probably don’t know that most vodka is not made in Russia, even popular brands such as Stoli and Smirnoff. Even though they sound like they’re Russian, they’re not made in Russia, so those will continue to be sold. There were a few smaller brands that I think will be pulled from the shelves, but not a huge impact there.”
You can listen to the full BizWorthy conversation above. Here’s a quick look at what else Mecia and Terry talked about this week.
- Charlotte’s South End is getting a new corporate headquarters for tech company Brightspeed that could bring 100-150 jobs to town.
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