Greif is outraged and dismayed at the invasion of Ukraine and the continuing attack on the country and its citizens. We strongly condemn the actions of the Russian government.
We are actively supporting our Ukrainian colleagues and their families, including providing salary, benefits, access to essential needs, evacuation assistance, and rehousing and job support. We have provided and will continue to provide humanitarian and financial support to organizations supporting Ukrainian relief.
We have canceled and frozen all further projects and investments in Russia and will continue to comply with all U.S. and international laws and sanctions. We are ceasing to support any export business.
In times of crisis, we lean on our values and use The Greif Way to guide our direction. Since this crisis began, our first consideration has been the safety, welfare, and well-being of our people, regardless of their nationality.
Consistent with those values, we feel an obligation to remain in support of our 540 Russian colleagues. Their livelihood is important to us, and we continue to operate in Russia as a means of safeguarding their well-being.
We hear and understand the concern that by continuing to operate in Russia, we are benefitting the Russian government. However, this is a highly complex situation. For example, while we currently pay tax in Russia, the reality is the Russian government will benefit much more if we depart the country and allow it to seize our assets, retain 100% of profits and misappropriate all benefits of operating our plants.
Our deepest hope is for a swift and peaceful resolution. There are many factors for our company to consider as a consequence of this crisis, and we recognize that not all agree with our decision to continue to support our colleagues in Russia. We have tried and will continue to try to steer a course consistent with our values.
This is a highly volatile situation that we will continue to assess daily.
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