The Walt Disney Company has announced the suspension of all activities in Russia due to the events in Ukraine.

In a statement released Thursday, the company recalls that it had previously suspended the transfer of films for commercial distribution in Russia.

Now Walt Disney is “taking steps to suspend all other business in Russia.” This includes “content and product licensing, Disney Cruise Line operations, and National Geographic magazine.”

The company explains that some of the business can be stopped immediately, but in some cases for technical reasons the exit will take some time. At the same time, Walt Disney assures that it is not laying off its employees in Russia.