Special Report

These Are the Companies Refusing to Leave Russia

Mordolff / E+ via Getty Images

One of the most significant effects of Russia’s invasion of Ukraine, outside the warzone, is the series of sanctions the United States, United Kingdom, European Union, and other nations have imposed on the invader. The sanctions have hurt Russia’s economy and will likely drive it into a deep recession in the months, and probably years, ahead. (Russia is on the list of the most corrupt countries in the world.)

In addition to governments’ sanctions, a large number of international companies have pulled out of Russia completely — many of them at great loss. Some have left significant assets there or have broken global partnerships with Russian companies. BP gave up its ownership percentage of Russian oil giant Rosneft. The decision could cost it as much as $25 billion in write-offs.

Other corporate decisions have been highly visible but will not cause much financial damage to the companies’ revenue or profits. McDonald’s pulled out of Russia. Its locations there are a tiny fraction of its global total.

Among the most visible U.S. companies that have decided to keep most of its Russian operations intact is Koch Industries. The company is helmed by Charles Koch, the leader of one of America’s richest families and one of the best-known American conservatives. 

CNBC reported that over 24 U.S. lawmakers received campaign contributions from Koch Industries in the weeks leading up to Russia’s attack on Ukraine. This money, CNBC reports, “some ethics lawyers say should be returned given the company’s decision to maintain operations in Russia.” (These are America’s most hated companies.)

A highly visible leader of one of America’s best-known business schools has decided to track which companies have left Russia and which have stayed. Jeffrey Sonnenfeld, professor and senior associate dean at Lester Crown in the Practice of Management at Yale School of Management, has been one of the best-known business academics for decades.

To identify the companies that refuse to leave Russia, 24/7 Wall St. reviewed the report “Over 450 Companies Have Withdrawn from Russia – But Some Remain” updated March 28, 2022 by researchers at the Yale school of management. The companies on this list represent all entities listed in the Yale report under the category “Defying Demands for Exit or Reduction of Activities (43 Companies) (Grade: F),” pulled on March 28, 2022.

Sonnenfeld also commented on the results in an opinion piece in The New York Times, “The Corporations Passing-And Failing-The Ukraine Morality Test.” He argues that there is absolutely no reason companies should continue operations in Russia. So far, over 450 companies have withdrawn from their operations there. One reason for the list is to put pressure on the companies that have not left.

Click here to see these are the companies refusing to leave Russia

Source: Aalberts Industries / public domain / Wikimedia Commons

Aalberts
> Action: Still operating in Russia
> Magnitude of Russian operations: Less than 11% of revenue from Russia
> Industry: Misc. fabricated products

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Source: Acer, Inc / Public Domain / Wikimedia Commons

Acer
> Action: Still operating in Russia
> Magnitude of Russian operations: Not disclosed publicly, but significant market share
> Industry: Computer hardware

Source: maybefalse / iStock Unreleased via Getty Images

Alibaba
> Action: Still operating in Russia
> Magnitude of Russian operations: AliExpress joint venture and stake in VK
> Industry: Retail (catalog & mail order)

Source: via Facebook / courtesy of Align Technology

Align Technology
> Action: Still operating in Russia
> Magnitude of Russian operations: Moscow office and sourcing
> Industry: Medical equipment & supplies

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Source: Panama7 / iStock Editorial via Getty Images

Asus
> Action: Citing conditions for effective standstill in Russian operations without actually suspending operations
> Magnitude of Russian operations: Not disclosed publicly
> Industry: Computer hardware

Source: Beata Haliw / iStock Editorial via Getty Images

Auchan-Retail
> Action: Still operating in Russia
> Magnitude of Russian operations: $3.5 billion in revenue from Russia
> Industry: Retail

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Source: Public Domain / Wikimedia Commons

Ball Corporation
> Action: Still operating in Russia
> Magnitude of Russian operations: 3 plants in Russia
> Industry: Containers & packaging

Source: Calfrac Logo / Public Domain / Wikimedia Commons

Calfrac Well Services
> Action: Still operating in Russia
> Magnitude of Russian operations: 11% of revenues from Russia
> Industry: Oil well services & equipment

Source: Courtesy of Cersanit

Cersanit
> Action: Still operating in Russia
> Magnitude of Russian operations: Sanitation equipment exports
> Industry: Wholesale building materials

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Source: Sundry Photography / iStock Editorial via Getty Images

Cloudflare
> Action: Continue sales & services in Russia
> Magnitude of Russian operations: Not disclosed publicly
> Industry: Computer services

Source: yuelan / iStock Editorial via Getty Images

Credit Suisse
> Action: Reviewing Russian operations but still operating
> Magnitude of Russian operations: $1 billion in net exposure to Russia
> Industry: Regional banks

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Source: Beata Haliw / iStock Editorial via Getty Images

Decathlon
> Action: Still operating in Russia
> Magnitude of Russian operations: At least 50 stores in Russia, $300MM revenue
> Industry: Apparel & accessories retailers

Source: Didi / Public Domain / Wikimedia Commons

Didi
> Action: Explicitly reversed decision to exit Russia
> Magnitude of Russian operations: Not disclosed publicly
> Industry: Software & programming

dōTerra
> Action: Still operating in Russia
> Magnitude of Russian operations: Not disclosed publicly
> Industry: Personal & household prods.

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Source: via Facebook / courtesy of Egon Zehnder

Egon Zehnder
> Action: Still operating in Russia
> Magnitude of Russian operations: Not disclosed publicly
> Industry: Employment services

Emirates Airlines
> Action: Still flying to Russia
> Magnitude of Russian operations: Not disclosed publicly
> Industry: Airlines

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Source: via Facebook / courtesy of FM Global

FM Global
> Action: Continuing Russian relationships
> Magnitude of Russian operations: Deep relationship with Ingosstrakh
> Industry: Water transportation

Source: Rafael_Wiedenmeier / iStock Unreleased via Getty Images

Glencore
> Action: Reviewing Russian holdings but holding significant Russian equity stakes
> Magnitude of Russian operations: Equity investments in Rosneft and others
> Industry: Metal mining

Source: via Facebook / courtesy of Greif

Greif
> Action: Still operating in Russia
> Magnitude of Russian operations: 9 plants in Russia
> Industry: Containers & packaging

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Source: via Facebook / courtesy of Gruma

Gruma
> Action: Still operating in Russia
> Magnitude of Russian operations: 9 plants in Russia, Greif Perm and Greif Vologda in Russia
> Industry: Food processing

Source: WoodyAlec / iStock Editorial via Getty Images

Huawei
> Action: Still operating in Russia
> Magnitude of Russian operations: Leading telecom-equipment vendor in Russia
> Industry: Communications equipment

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Source: via Facebook / courtesy of ID Logistics

ID Logistics
> Action: Still operating in Russia
> Magnitude of Russian operations: Significant Russian subsidiary
> Industry: Trucking

Ingka
> Action: Still operating in Russia
> Magnitude of Russian operations: 14 shopping malls in Russia
> Industry: Home furnishing

International Paper
> Action: Still operating in Russia
> Magnitude of Russian operations: Significant stake in Ilim
> Industry: Paper & paper products

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Source: via Facebook / courtesy of IPG Photonics

IPG Photonics
> Action: Still operating in Russia
> Magnitude of Russian operations: High power laser sales in Russia
> Industry: Semiconductors

Source: JHVEPhoto / iStock Editorial via Getty Images

Koch Industries
> Action: Still operating in Russia
> Magnitude of Russian operations: Several business lines in Russia
> Industry: Multicompany

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Source: via Facebook / courtesy of Korn Ferry

Korn Ferry
> Action: Still operating in Russia
> Magnitude of Russian operations: Not disclosed publicly
> Industry: Business services

Source: tbradford / iStock Unreleased via Getty Images

Lenovo
> Action: Still operating in Russia
> Magnitude of Russian operations: Not disclosed publicly, but significant market share
> Industry: Computer hardware

Source: Tree4Two / iStock Unreleased via Getty Images

Leroy Merlin
> Action: Still operating in Russia
> Magnitude of Russian operations: $4 billion in revenue from Russia
> Industry: Retail

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Source: via Facebook / courtesy of Manitowoc

Manitowoc
> Action: Still maintaining office in Russia
> Magnitude of Russian operations: Less than 5% of revenue from Russia and ~20 employees
> Industry: Constr. & agric. machinery

Source: Metro Inc. / Public Domain / Wikimedia Commons

Metro
> Action: Still operating in Russia
> Magnitude of Russian operations: $3 billion in revenue
> Industry: Retail (grocery)

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Source: josefkubes / iStock Editorial via Getty Images

MOLGroup
> Action: Still operating in Russia
> Magnitude of Russian operations: Development and operation of Baitugan field
> Industry: Oil & gas

Source: Deveny van der Hoeven / iStock via Getty Images

MSI
> Action: Still operating in Russia
> Magnitude of Russian operations: Not disclosed publicly, but significant market share
> Industry: Communications equipment

Source: dennism2 / Flickr / Public Domain

Naspers
> Action: Still operating in Russia and platform hosts military-linked classified ads
> Magnitude of Russian operations: Not disclosed publicly
> Industry: Computer services

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Source: via Facebook / courtesy of Polpharma

Polpharma
> Action: Still operating in Russia
> Magnitude of Russian operations: Investment in Akrikhin
> Industry: Pharmaceuticals

Source: Cristi Croitoru / iStock Editorial via Getty Images

Raiffeisen Bank International
> Action: Still operating in Russia
> Magnitude of Russian operations: $25 billion in net exposure to Russia
> Industry: Regional banks

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Source: AdrianHancu / iStock Editorial via Getty Images

Societe Generale
> Action: Still operating in Russia
> Magnitude of Russian operations: $20 billion in net exposure to Russia and 2.8% of income
> Industry: Regional banks

Source: Michael Vi / iStock Editorial via Getty Images

Tencent
> Action: Still operating in Russia
> Magnitude of Russian operations: Major investment in VK
> Industry: Computer services

Source: via Facebook / courtesy of Titan International

Titan International
> Action: Still operating in Russia
> Magnitude of Russian operations: 6% of revenues from Russia
> Industry: Auto & truck parts

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Source: Aviator70 / iStock Editorial via Getty Images

Turkish Airlines
> Action: Still flying to Russia
> Magnitude of Russian operations: Not disclosed publicly
> Industry: Airlines

Source: iStock / iStock Editorial via Getty Images

Xiaomi
> Action: Still operating in Russia
> Magnitude of Russian operations: #2 in phone sales in Russia
> Industry: Communications equipment

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Source: via Facebook / courtesy of Wex

Wex Inc.
> Action: Continuing relationship with Lukoil and subsidiaries
> Magnitude of Russian operations: Top fuel payment processing service
> Industry: Business services

Source: Young Living Essential Oils / ​​Public Domain / Wikimedia Commons

Young Living
> Action: Still operating in Russia
> Magnitude of Russian operations: Distributors in Russia
> Industry: Personal & household prods.

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