Ida Axling
Mar 20, 2022

Omnicom to withdraw from Russia in 'orderly' exit

The agency network is working with local partners to pull out of all of its investment positions in the country

Omnicom: working with local partners to dispose of all investments in Russia
Omnicom: working with local partners to dispose of all investments in Russia

Omnicom has become the latest agency holding group to withdraw from Russia following the invasion of Ukraine. 

The company said it is working with local partners to dispose of all of its investment positions in Russia. 

Omnicom said in a statement: “We have been planning an orderly process to ensure continuity of services for clients and to provide a future for our Russian colleagues some who have been with Omnicom for decades. We expect to finalise details shortly.”

The group added that it also has more than 200 colleagues in Ukraine and noted that, as the violence and humanitarian crisis continues, its “number one priority” is the safety and well-being of its Ukraine staff and their families. 

The statement continued: “We are in constant contact with our Ukrainian agency leaders and supporting our people with much needed humanitarian assistance, including transportation, accommodations, visa and working papers, translation services, relocation support, supplies and medical support.

“We continue to keep our affected colleagues in our thoughts and hope for peace.”

The move follows hot on the heels of Dentsu International's decision to exit Russia (March 16) and Publicis Groupe's announcement that it was cutting ties with Russia and handing over control of its agencies to local management (March 15).

On March 4, WPP announced it was shutting its wholly owned operations in Russia.

In addition, Interpublic, which has joint ventures with local partners and an affiliate relationship for media-buying, suspended its operations in Russia on March 14.

Meanwhile, Havas has an affiliate relationship but no employees in Russia.

(This article first appeared on CampaignLive.co.uk)

Source:
Campaign India

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