U.S. companies that have suspended business operations in Russia in protest of the country’s invasion of Ukraine have some tough financial decisions to make in the coming months. Do they continue to pay Russian employees while having no revenue stream in the country? While some business may plan to take care of their employees, they are also struggling to get money into the country due to economic sanctions.
Financial Times quoted Josh Gerben regarding the other financial worry U.S. companies are dealing with in the wake of the Ukraine invasion – theft or government seizure of their intellectual property rights.
Following a decree made by the Russian government, which allowed for the unauthorized use of patents that are owned by business in countries that are “unfriendly” to Russia, many are concerned that trademarks rights will be under fire next.
In fact, U.S. trademark attorney Josh Gerben has found that trademark infringement in Russia has already begun, with new applications for logos that resemble major U.S. brands that have been filed by trademark squatters.
Source: Johnston, Ian, et al. https://www.ft.com. “More than 200,000 workers in Russia still on western payrolls.” 20 April 2022.