One beneficiary has been big defense contractors, such as Boeing’s Ridley Park helicopter factory and Pennsylvania-based ammunition makers that supply the U.S. military and its allies.
When Russia attacked Ukraine last February, investors such as Pennsylvania’s state pension funds rushed to dump their Russian investments, horrified at the prospect of profiting from the unprovoked invasion.
At the time of the invasion, more than half the company’s $5 billion in yearly software outsourcing work was done in Ukraine, Russia, or Belarus, where Dobkin is from and which Russia dominates. The company has spent $45 million so far, he said, moving people and their work to safer locations, taking care of their human needs. It expects additional expenses from winding down Russian clients it will no longer serve.
But “the war in Ukraine is not over, and we believe that it will be our daily reality for some time to come,” Dobkin told investors. He called on staff to maintain “even higher level preparedness for new and unexpected challenges,” as the global economy slows.The U.S. and its European allies have been shipping so much military equipment and ammunition to Ukraine that Pentagon generals have been complaining that supplies are running low and asking Congress to buy more.
A protester places a flower to pay tribute to children killed in Russia's war against Ukraine during a rally to mark the one-year anniversary of Russia's invasion of Ukraine, near the Russian Embassy in Seoul, South Korea, Friday, Feb. 24, 2023.
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