Since Russia’s invasion of Ukraine in late February, companies doing business with Russia have been faced with the decision to stop doing business there, scale back their operations, or continue to operate in a country. considered an international pariah.
Companies may want to consider public relations in their decision, because people followed. Jeffrey Sonnenfeld, senior associate dean for leadership studies at the Yale School of Management, and a team of experts, researchers, and students from the Yale Chief Executive Leadership Institute have curated a list of companies doing (or not not doing) business with Russia. (These are the companies that refuse to leave Russia.)
To identify companies that are leaving Russia altogether, 24/7 Wall St. reviewed its report “More than 450 companies have withdrawn from Russia – but some remain”, updated on April 1, 2022. Of the 178 entities classified under “withdrawal”, we have selected the 87 which have taken the strongest position based on certain tags such as complete exit from Russia, cession completeness of Russia and the suspension of all business with Russia, among others. Data was extracted in early April.
Of the 87 companies leaving Russia completely, 57 are from the United States. Many U.S. companies that have left Russia are in what Sonnenfeld classifies as “asset-light” sectors, such as accounting, legal, advertising, entertainment and technology services companies. They can more easily sever ties with Russia than, for example, capital-intensive companies such as energy companies. Notable US companies pulling out of Russia include Airbnb, Alcoa, Live Nation Entertainment, eBay and Expedia. (Find out if any of them are America’s Favorite Retailer.)
Ten UK companies have severed ties with Russia, including clothing retailers, law firms and energy company Shell.
Other bold companies leaving Russia include automaker Daimler (Germany), clothing company Ferragamo (Italy), beer maker Heineken (Netherlands) and jewelry and silverware maker Swarovski (Liechtenstein). ).
Click here to see companies that have suspended all operations in Russia.
Click here to read our detailed methodology.