Singapore – In line with the ongoing Ukrainian crisis, the World Federation of Advertisers (WFA) has called upon its member organisations to reconsider their media and marketing investment in Russia, specifically those investing in media outlets that are close to or effectively part of the Russian administration.
In a statement, they stated that they will continue to work with its members and partners in the Global Alliance for Responsible Media (GARM) to ensure that advertising investment does not support or monetise misinformation and will be holding weekly meetings to provide the latest intelligence from members, agencies and platforms.
Stephan Loerke, CEO at WFA, said, “In light of the horrifying events in Ukraine, the global marketing industry must speak out. Every company will have to make its own decision but our recommendation is that media investment and marketing in Russia should end for now.”
The organisation further expressed its horror at the needless human suffering caused by Russia’s unprovoked invasion of Ukraine, adding that the thoughts of the entire organisation and their membership are with the victims.
WFA also conducted a poll amongst its members to understand multinationals’ responses in relation to their media and marketing investment in Russia. Of the 31 global brand owners representing US$43bn in global ad spend who responded, three in four have reallocated, reduced or cut spend altogether.
The Russian invasion of Ukraine has caused massive shifts in the marketing and advertising scene as well. Large companies related to media investment such as WPP and Accenture have pulled out of Russia in solidarity with Ukraine. Other major brands, from retail ones like H&M, Uniqlo, and Ikea; food brands like McDonald’s, Starbucks and Coca-Cola; as well as financial services brands like Visa, Mastercard, and American Express are part of the growing number of companies exiting the country.
Media-wise, tech giant Google also announced that it is halting its ad sales in Russia, including advertising to Russia state-controlled media on YouTube. Meanwhile, Russia has since then blocked popular online services such as Facebook, Twitter, YouTube, and PayPal in the country.
