Jem Aswad Senior Music EditorIn what is rapidly becoming a mass music exodus out of Russia, Kobalt became the third major company to announce on Thursday that it is suspending business activity in Russia due to the country’s invasion of Ukraine.
Of the three global major labels, Sony and Warner announced their pullout within an hour of each other on Thursday morning, and Universal made the move on Tuesday.Kobalt’s move is doubly significant because although it is a global company, Kobalt was founded in London by Swedish-born Willard Ahdritz and in many ways is a European company.
A rep for France-based label and distributor Believe Music, which has a substantial market presence and 40-employee staff in the country, tells Variety that it has “no plans to suspend operations in Russia for the moment but we are monitoring the situation very closely as it is developing constantly.” Kobalt’s statement reads: “Like the rest of the world, we at Kobalt are deeply unsettled by Russia’s unprovoked and unlawful invasion of Ukraine.
We urge and are hopeful for a peaceful resolution to the conflict soon.“To aid the humanitarian efforts on the ground, Kobalt has made donations to the following organizations: Global Giving – Ukraine Crisis Relief Fund, International Rescue Committee, and Save the Children.
Read more on variety.com
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